Households with annual incomes over $1 million would see their after-tax incomes increase by 3.2 percent, 16 times the percentage increase for any income group in the bottom half of the income distribution. . . . (The disparity in average tax cuts measured in dollars would be even larger.)About 45 percent of cost of the bill’s tax cuts would go to households with incomes above $500,000 (fewer than 1 percent of filers). About 38 percent of the bill’s cost would go to tax cuts for households with incomes over $1 million (about 3 out of every 1,000 filers).
What’s already clear from the JCT tables, however, is that the tax increases that some filers face under the plan would pay for tax cuts that would be, on net, extremely skewed to the very wealthy and profitable corporations. And that’s before accounting for how these tax cuts would swell federal budget deficits. By increasing deficits, tax cuts would create pressure to cut programs that primarily benefit low- and middle-income families, making their true distributional impacts even more skewed than the JCT tables show.
The middle 20 percent of income-earners in America, the group that is quite literally the “middle-class,” would receive 10 percent of the benefits in the U.S. in 2018 and just 8 percent of the benefits in 2027. In other words, in 2027 the middle fifth of Americans would receive only one sixth of the benefits received by the richest one percent of Americans. …The richest one percent of Americans would enjoy an average tax cut of $48,580 in 2018, and this average tax cut would rise to $64,720 in 2027. The middle fifth of income-earners would receive an average tax cut of $750 in 2018, which would fall to $460 in 2027. . . . [T]he richest one percent receive an average tax cut equal to about two and a half percent of their income in 2018 and 2027. The middle fifth of income-earners receive a break equal to 1.4 percent of their income in 2018, falling to just 0.6 percent of their income in 2027.