Okay, let’s dive into this whirlpool of thoughts about this bill business. So, Speaker of the House Mike Johnson? Yeah, he’s chatting away with the press while briskly heading back to his cozy office. It’s like he’s got some fire burning under his feet about this “big beautiful bill.” President Trump’s creation, they say. July 3, 2025? Mark that date—it’s when things hit the fan.
I’m gonna ramble here about this massive tax cut package that Congress passed. A certain buzz around financial benefits, especially for the big fish in the wealthy pond. You know, tons of moolah thrown at those sitting on piles of gold. But hang on, where these folks live kinda flips the script, according to this analysis by the Institute on Taxation and Economic Policy. Sounds fancy, right?
This new analysis claims that the top 1% of U.S. households, the real VIPs-r-us crowd, could enjoy a tax cut around $66,000 in 2026. Sure, that’s nothing to sneeze at! Apparently, these lucky ducks rake in $917,000 or more a year. Go figure.
Now, Wyoming, South Dakota, and Texas—these states are rolling in sunshine and tax benefits. These rich folks here might slash their annual tax by more than $100,000. I mean, it’s like hitting the lottery without even buying a ticket.
Wyoming’s top 1% would supposedly see taxes drop by roughly $133,000 in 2026. Seems a state with such a vast open sky is just as vast in tax breaks. I swear, their average income is a jaw-dropping $4.5 million. Feels like Monopoly money, doesn’t it?
Now, backpedal a bit. Carl Davis from ITEP (that think tank I said earlier?) mentions this bill is sweet candy for states filled with wealthy dudes who enjoy low taxes, and—surprise—places like Wyoming and Texas nail that description. No personal income taxes, imagine that!
Republicans squeezed this “One Big Beautiful Bill Act” through with the slimmest of margins and it’s kinda shaped to stroke the backs of high earners. Over $4 trillion in tax cuts over a decade—let that sink in. Sounds great on the surface but might throw some shade on social safety nets. I’m talking about things like Medicaid and food stamps—ouch.
Guess what? This bill carries flavors from tax cuts that originated in Trump’s first term. It’s a whole package of rate cuts and estate tax dodges further tilting in favor of the rich. Want a fun card to play at your next trivia night? The act caps state and local tax deductions at $40,000. Fancy, huh?
This SALT thing, it scathes more the well-to-do folks in states where taxes squeeze tighter. But states like Wyoming, South Dakota, and Texas? They’re giggling with delight, unscathed by these tax antics.
Meanwhile, California and New Jersey’s top earners? Not really breaking out the champagnes—they get smaller bites of the tax cut pie. Around 1% of their income. Rain on the parade, anyone?
Now, more eyeballing around… even separate studies flag that these tax perks veer hard towards the wealthy. The tax booty for the top 20% (those earning over $217,000 annually) seems larger—yet somehow inequity looms with the lowest earners barely making a dent.
Let’s face it, some additional studies by the likes of Yale and the CBO say, when all’s said and done, that the poorest might just come out worse. Balancing tax breaks with cuts to programs they depend on—a tricky, dare say scary, equation.
There you have it, a cocktail of tax talks—filtered through a chaotic sieve of late-night wonderings. Hope you found some bits to nibble on. Cheers!
