Wealthy Benefit Most From Decades of Tax Cuts

All income groups received tax cuts, but Bush-era provisions ensured the well-off gained more than others. Some progressive tax changes under Obama reduced the share of tax cuts to the wealthiest, but they continued to benefit most.

Federal Tax Cuts in the Bush, Obama, and Trump Years
Institute on Taxation and Economic Policy, July 11, 2018

The wealthy don’t need more breaks.

A new report shows that the richest 1% now own 40% of this country’s wealth. That’s an astounding figure. The wealth gap has been widening for decades and it has now hit an all-time high.

In this Washington Post article, the author compares the wealth distribution that most Americans would choose, compared to the reality. The contrast is striking. When surveyed, Americans said they would be comfortable with the wealthiest 20% getting nearly one-third of the wealth. In reality, that group of wealthy Americans holds 90% of the wealth.

True tax reform would address this underlying problem, not make it worse. The GOP leaders rushing to pass the current tax bill are unfortunately doing the latter. This tax bill represents the greatest redistribution of wealth to the already wealthy in history. If passed, it will make the wealth gap much worse. And working families are the ones that will suffer.