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By Jake Johnson / Common Dreams
An analysis released Thursday estimates that the Republican legislation on the brink of final passage in Congress would deliver over $1 trillion in combined tax breaks to the richest 1% of Americans over the next decade—an amount roughly equal to the bill’s unprecedented cuts to Medicaid.
The new analysis by the Institute on Taxation and Economic Policy (ITEP), which utilizes data from the nonpartisan Joint Committee on Taxation and other sources, finds that the “tiny sliver of affluent families” in the top 1% of the U.S. income distribution will “receive tax cuts totaling $1.02 trillion over the next decade.”
ITEP has previously shown that the Republican bill’s tax cuts—largely extensions of expiring provisions of the 2017 Trump-GOP tax law—would be highly skewed to the wealthy, with the small percentage of households at the very top receiving significantly more in total tax breaks than middle- and lower-income Americans.
“Sixty-nine percent of the net tax cuts would go to the richest fifth of Americans in 2026, only 11% would go to the middle fifth of Americans, and less than 1% would go to the poorest fifth,” the group found. “The $107 billion in net tax cuts going to the richest 1% next year would exceed the amount going to the entire bottom 60% of taxpayers.”
ITEP’s new analysis was released as House Minority Leader Hakeem Jeffries (D-N.Y.) wrapped up a record-breaking, eight-hour-plus speech against the GOP legislation, which delayed a final vote on the measure. Republicans are expected to pass the unpopular bill on Thursday.
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Jake Johnson
Jake Johnson is a staff writer for Common Dreams.