While the Tax Cuts and Jobs Act reduced taxes for most Americans, the rich benefited far more than others.
Those who earn $1 million or more would enjoy an average tax cut of about $50,000, raising their after-tax incomes by 2.3%.
Their tax cut would be $100, on average, which would bump up their after-tax incomes by 0.5%.
The wealthy have already been served well by the Tax Cuts and Jobs Act, which also included multiple corporate tax changes.
“Most everybody in every income group got a tax cut, but the highest-income people got by far the biggest tax cut,” said Howard Gleckman, a senior fellow at the center.
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