Secret IRS files show tax cut benefits for wealthy

Finance

CHICAGO (NewsNation Now) — A new report by ProPublica reveals former President Donald Trump’s 2017 tax cuts benefited more than just the middle class, the ultra-wealthy took a slice of the pie as well.

“What we were able to do that is unusual here is connect the lobbying to what actually happened,” said Justin Elliott, co-author of the article.

The report uses a combination of financial disclosures, treasury department emails, and even confidential tax records to get to the bottom of who really benefited from the tax legislation.

“What we found is that one of the key features of the new Trump tax law, which was actually pitched as helping small business and Main Street, delivered, in some cases, tens and tens of millions of dollars to individual billionaire families in just the first year of the tax cut,” Elliott said.

The article also makes a connection between the legislation and campaign donations.

Elliott uses U.S. Sen. Ron Johnson (R-Wis.) as an example, saying he had received millions of dollars of support for his campaign from a couple of billionaire families in the state, including the Uihlein family.

“What we found is that after these tax changes went through the Uihlein family in just the first year got around $120 million in tax deductions,” Elliott said. “We’re talking about just a huge cash windfall for a very small number of people.”

Elliott says small businesses did receive a modest tax break.

“But the majority of the tax savings went to the top 1% of the country,” Elliott said. “And even within the top 1%, it was heavily tilted to the top 1% and top, top .001%.”

His report found that Michael Bloomberg was the biggest recipient of tax savings.

“We’re talking about billionaires from across the political spectrum, getting just a huge windfall from this part of that new law,” Elliott said.

The tax cuts last until 2025.

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