Kelly, Warren, Murphy Release New Data Showing Small Fraction of Americans That Would Benefit from GOP’s Tax Giveaways

In response to lawmakers’ letter, Joint Committee on Taxation (JCT) revealed number, percentage of individuals, corporations in highest income brackets

Lawmakers led recent vote series opposing tax cuts for wealthiest Americans, billionaire corporations

Today, Senators Mark Kelly (D-AZ.), a member of the Joint Economic Committee, Elizabeth Warren (D-MA), a member of the Senate Finance Committee, and Chris Murphy (D-CT), a member of the Senate Appropriations Committee, published new data from the Joint Committee on Taxation (JCT) revealing the small fraction of taxpayers and corporations that would benefit from tax giveaways as a result of Congressional Republicans’ tax plans. 

Last month, following the lawmakers’ vote series forcing Republicans to go on the record about their support for tax cuts for the ultra-wealthy, the lawmakers asked JCT to provide answers on: 

• The number and percentage of individual taxpayers who, in the past three tax years, made at least $10 million, $100 million, $500 million, or $1 billion each year; and  
• The number and percentage of corporations who, in the past three tax years, made at least $100 million, $500 million, $1 billion, or $10 billion each year.  

The JCT response revealed that the corporations and individuals who Republicans have supported delivering tax cuts to make up a tiny percentage of American taxpayers. The response revealed that: 

• Around 1,000 individuals, or 0.0007% of individual taxpayers, made more than $100 million in the 2022 tax year. 
• Only 33 individuals, or 0.00002% of individual taxpayers, made more than $1 billion in the 2022 tax year.  
• Fewer than 500 corporations, or 0.03% of corporate taxpayers, made more than $1 billion in the 2022 tax year.  

As part of the budget reconciliation process, Senate Democrats forced Republicans to go on the record with their plans to give massive tax handouts to the wealthiest Americans and giant corporations. Democrats asked whether Republicans would oppose more tax cuts for people making over $100 million, an amendment led by Kelly, and then $500 million, or even $1 billion in a single year; Republicans voted no. When asked whether Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again.  

See the JCT response here.