The 5 Biggest State Tax Cuts for Millionaires this Year
Some states continue to hand out huge tax cuts to millionaires. The five largest tax cuts this year will cost states a total of $2.2 billion per year once fully implemented.
The new Trump tax law will hand the top 1 percent of American taxpayers a grand total of $1 trillion in tax cuts over the coming decade, including an average tax cut per filer of more than $66,000 in 2026 alone.
Even though the American public consistently opposes big tax cuts to the wealthy, some state lawmakers have chosen to double down on them with new state tax laws that benefit millionaires over everyone else.
Just 12 percent of the American public says that rich families are paying too much in taxes today.
Lawmakers in Kansas, Mississippi, Missouri, Ohio, and Oklahoma have enacted the largest state income tax cuts for millionaires this year.
Author's summary: Huge tax cuts for millionaires in 5 US states.