The Giveaway
Over the next 6-12 months Congress will almost certainly give the richest 1 percent of the population an income tax gift totaling some $75-150 billion. The 1 percent, with annual incomes averaging $1.3 million, will capture 47 percent of the tax cuts for an average annual tax saving of $214,000 each, the non-partisan Tax Policy Center estimates based on Trump’s proposal, which does not differ dramatically from that of the House Republicans.
The top 0.1 percent, a population comprised of only 117,000 taxpayers who earn, on average, $37 million a year, will see their tax bill slashed by $1.3 million. The top .001 percent of taxpayers, fewer than 1,400 individuals, who earn a dizzying $160 million annually, may see their bank accounts swell by some $10 million.
– Salon