Trump Tax Law Gives $17 Billion Break to Millionaires: Government Report - NBC10 Boston
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Trump Tax Law Gives $17 Billion Break to Millionaires: Government Report

The value of the deductions will rise in the coming years

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    NEWSLETTERS

    Trump Signs GOP's $1.5T Tax Overhaul to Law

    President Donald Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday, Dec. 22, that "the numbers will speak." (Published Friday, Dec. 22, 2017)

    President Donald Trump's tax law will shower tens of billions of dollars in tax breaks on owners of pass-through businesses, a congressional review board said Monday.

    NBC News reported that pass-through business owners will receive $40.2 billion in tax breaks this year, with the nation's millionaires receiving nearly half of that benefit: $17.4 billion. And the value of the deductions will rise in the coming years.

    "The distribution of benefits from the pass-through deduction largely reflects the distribution of income from these businesses," said Mark Mazur, director of the nonpartisan Tax Policy Center.

    The deduction came about because Trump and congressional Republicans wanted to create parity between pass-through and C corporations.