Analysis shows 2/3 of tax cuts benefit richest 1/5 of Americans

At Common Dreams, Jake Johnson writes—Rigged: New Report Details How Combined $5.1 Trillion in Tax Cuts by Bush, Obama, and Trump Went Mostly to Nation’s Richest: The report was released on Wednesday by the Institute on Taxation and Economic Policy:

Titled “Federal Tax Changes in the Bush, Obama, and Trump Years,” the new analysis (pdf) finds that tax cuts enacted since 2000 have cost the U.S. government $5.1 trillion in revenue, “with nearly two-thirds of that flowing to the richest fifth of Americans.”

Thanks in large part to President Donald Trump’s $1.5 trillion tax cut package that was signed into law last December—which will send 83 percent of its benefits to the top one percent—”the tally of tax cuts will grow to $10.6 trillion” by 2025 and “nearly $2 trillion of this amount will have gone to the richest one percent,” the report estimates.

At a time when tens of millions of Americans are suffering from “massive levels of deprivation” and “appalling rates” of poverty, the tax cuts rammed through by George W. Bush, extended in part by Barack Obama, and built upon by Trump “have mostly benefited those who are least in need of help,” Steve Wamhoff, director of federal policy at ITEP and the lead author of the new analysis, argued in a statement on Wednesday.

“For example, the richest 1 percent received more benefits than the bottom 60 percent,” Wamhoff added. “It’s worth asking whether this is the result most Americans wanted from their lawmakers.” […]

Tax cut beneficiaries