July 11, 2018

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

media mention

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