Tax breaks

The tax cuts from the 2017 tax bill are composed of individual tax breaks and corporate tax breaks but the individual breaks will sunset in 2025 while the corporate breaks continue. In the first 8 years 20% of the savings goes to the top one percent of earners. In 2017 the top one percent earned 20% of the money and paid 40% of the taxes. It is only after the sunset that the top one percent gets 83% of the tax savings. This 83% figure is often quoted in the press as if that is what is happening now without the explanation that it will only happen in 2025 when the individual breaks end. Congress will try to make these individual tax breaks permanent in the coming session so that will not happen. The 83% figure has been quoted so often that most people believe that is happening now.