Institute on Taxation and Economic Policy

July 11, 2018

Vox: America’s Getting $10 Trillion in Tax Cuts, and 20% of Them Are Going to the Richest 1%

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The first analysis, from the Institute on Taxation and Economic and Policy, a liberal-leaning think tank, found that from 2001 through 2018, changes to the federal tax code have reduced revenue by $5.1 trillion. Sixty-five percent of the savings have gone to the richest fifth of Americans, with 22 percent of them going exclusively to the top 1 percent.

According to the institute’s estimates, by 2025 the tax cuts will grow to $10.6 trillion. Of that amount, almost $2 trillion will be received by the wealthiest 1 percent of Americans.

“If you look at the richest 1 percent, they’re getting more than the bottom 60 percent of Americans,” Steve Wamhoff, director of federal tax policy at the institute and one of the report’s authors, told me. Read more


Quoted Staff Member

Steve Wamhoff
Steve Wamhoff

Federal Policy Director