America's Richest 1% Will Receive Nearly Half Of The Trump Tax Cuts

New York Magazine is reporting that the richest 1% of U.S. taxpayers will receive nearly 50% of all proceeds from the Trump tax cut.

New York Magazine is reporting that the richest 1% of U.S. t axpayers will receive nearly 50% of all proceeds from the Trump tax cut.

An analysis by the Institute on Taxation and Economic Policy, a left-leaning think tank whose calculations are broadly respected, finds that the highest-earning one percent of households would receive nearly half the direct benefit of the tax cuts. Specifically, the richest one percent, who earn 22 percent of all income, and pay 36 percent of all federal taxes, would get 48 percent of the Republican tax cuts.

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