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.
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: States cut taxes for millionaires despite public opposition.