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No.
Higher-income Americans have received the largest savings from the 2017 tax cut law signed by President Donald Trump, but the top 1% have not received 83% of the savings.
The 83% claim was made Nov. 10, 2024, by U.S. Rep. Mark Pocan, D-Wis. He alluded to the expectation that Trump will aim to get Congress to renew the cuts, most of which expire after 2025.
The law cut individual income tax rates across the board.
In 2025, the top 1% of income tax filers will receive about 25% of the total benefits, the nonpartisan Tax Policy Center projected.
In 2027, the share for the wealthiest 1% rises to 83%.
However, that’s because most individual tax cuts would have expired, but corporate tax cuts, which benefit higher-income people, would remain.
If the tax cuts are extended, their 2026 value would be about $400 billion, with the top 1% receiving $100 billion.
This fact brief is responsive to conversations such as this one.
Sources
MSNBC: ‘We’re going to protect everyone’: House Dems on standing up to Trump
Reuters: Republican sweep gives Trump power to slash taxes, may strain deficits
Wisconsin Watch: Did Donald Trump lower taxes on billionaires and raise them on everyone else?
Tax Policy Center: Understanding the Tax Cuts and Jobs Act
Tax Policy Center: T24-0023 – Make Certain Provisions in the 2017 Tax Act Permanent, by ECI Percentile, 2026
Tax Policy Center: Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act
Washington Post: The zombie claim that the 2017 tax cut gave ‘83 percent’ to the top 1 percent
PolitiFact: Nevada TV ad cherry-picks tax cut benefits to top 1%
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