Key Points
- Legislation championed by President Donald Trump would give the top 1% of U.S. households an average tax cut of about $66,000, according to the Institute on Taxation and Economic Policy.
- The highest earners in Wyoming, South Dakota and Texas stand to get a tax cut of more than $100,000 from the bill, formerly called the One Big Beautiful Bill Act.
- Overall, lower earners would lose money due to a smaller tax cut and changes to Medicaid and SNAP, analyses have found.
