25 Mar 2025 11:35 pm
Extending the expiring individual income and estate tax provisions of the 2017 tax law would benefit households with considerable wealth and high incomes far more than households with low or moderate incomes, the central focus during the campaign. Households with incomes in the top 1 percent (who make more than roughly $743,000 per year) would get tax cuts averaging $62,000 a year, compared to only about $400 a year for households with incomes in the bottom 60 percent (who make roughly $96,000 or less).[2] Those at the top would enjoy a 4 percent increase in their after-tax incomes, roughly four times the 1 percent gain for households in the bottom 60 percent, according to the Treasury Department.[3]
/////////////The richest 0.1 percent of taxpayers, those with incomes over $3.5 million a year, would receive an average annual tax cut of $314,000.[4] These 200,000 multi-millionaires would receive more total dollars in tax cuts than the 187 million families with incomes in the bottom 60 percent.
Roughly half the cost of extending the expiring tax cuts would flow to households with incomes in the top 5 percent (those with incomes over around $320,000).[5] (See Figure 1
/////////////The richest 0.1 percent of taxpayers, those with incomes over $3.5 million a year, would receive an average annual tax cut of $314,000.[4] These 200,000 multi-millionaires would receive more total dollars in tax cuts than the 187 million families with incomes in the bottom 60 percent.
Roughly half the cost of extending the expiring tax cuts would flow to households with incomes in the top 5 percent (those with incomes over around $320,000).[5] (See Figure 1