Jen Kiggans: Institute On Taxation And Economic Policy: The One Big Beautiful Bill Would Give The Richest 1% Of Americans $117 Billion In Net Tax Cuts In 2026

Institute On Taxation And Economic Policy: The House-Passed Reconciliation Bill Would Give The Richest 1% Of Americans $117 Billion In Net Tax Cuts In 2026. “The House of Representatives today narrowly passed a massive tax and spending reconciliation bill that now heads to President Trump’s desk. Please see below for a statement from ITEP and our latest updated analysis of how the bill’s tax provisions will affect families at different income levels nationally and in every state. […] The richest 1 percent of Americans would receive a total of $117 billion in net tax cuts in 2026. The middle 20 percent of taxpayers on the income scale, a group that has 20 times the number of taxpayers as the richest 1 percent, would receive less than half that much, $53 billion in net tax cuts that year.” [Institute on Taxation and Economic Policy, 7/3/25]