As Congress considers a tax plan that would bestow an estimated $72 billion in tax cuts on the richest 1 percent in 2018 alone, it’s worth clarifying what tax cuts for the 1 percent means for residents of each state. We look at what alternative budget choices might be, comparing the aggregate estimated tax cut for the richest 1 percent in each state to alternative budget choices on health care, higher education and infrastructure.
For example: in the United States, the richest one percent – with average incomes of $2 million – will collectively get $72 billion in tax cuts in 2018 under the Trump plan. That money is enough to cover individual health insurance premiums for more than 12.6 million adults. Or, that $72 billion could cover Pell grants for 12.3 million low-income, and often first generation, college students. Or, that same $72 billion could create 689,900 jobs through infrastructure investment.
