For those in the top 1%, who make at least $1 million, that equates to a tax cut of about $70,000, on average, in 2027. The top 0.1%, who make at least $5 million, would pocket a tax cut of nearly $280,000, on average, or about 3% of their after-tax income. The TCJA contained a bevy of individual income and corporate tax reductions, making it one of the largest tax cut packages in US history. Unlike the individual tax provisions, most of the corporate measures are permanent. The deduction, which also expires at the end of 2025, allows these taxpayers to exclude up to 20% of their business income from their federal income tax.

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Persons: Donald Trump’s, Trump, Joe Biden, ” Harold Gleckman Organizations: CNN, Urban, Brookings Tax, Center, White, Trump, Tax, Congressional, Office Locations: November’s