NBC News: Special Trump tax provision gives $17 billion break to millionaires, gov’t report finds

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NBC News: Special Trump tax provision gives $17 billion break to millionaires, gov’t report finds

The numbers are in on Republicans’ tax plan, and they’re not great for working families. A new report confirms that the tax cuts will largely benefit Americans already making $500,000 or more—not the middle class.

This news comes on the heels of reports that major banks received billions of dollars—in one quarter alone—from the tax bill, while Wells Fargo received a $3.7 billion tax cut right after being fined for scamming its own customers.

As Sherrod has repeatedly said—and is now becoming clearer with every passing day—this bill was always intended to help the wealthiest Americans, not hardworking Ohio families.

NBC News: Special Trump tax provision gives $17 billion break to millionaires, gov’t report finds

Jonathan Allen – April 23, 2018

Key points:

  • A congressional report released Monday confirmed that the wealthiest Americans will benefit the most from President Donald Trump’s tax deduction for owners of “pass-through” businesses.
  • The deduction, which ranges up to 20%, will give $40.2 billion in tax breaks to owners of pass-throughs—businesses that have their income “pass through” to their owners, to be taxed under the individual income tax.
  • In other words, the lion’s share of the tax cuts—$17.4 billion, or 44.3% of the total—will go to roughly 200,000 Americans making $1 million or more, who claim the pass-through deduction
  • Another $3.6 billion, or 8.9%, will go to a similar number of taxpayers who earn $500,000 to $1 million.
  • By 2024, the tax deductions will amount to $60.3 billion, and those making $1 million or more will account for $31.6 billion (52.4%) of that.

Read more here.