The 5 Biggest State Tax Cuts for Millionaires this Year

The 5 Biggest State Tax Cuts for Millionaires this Year

Some states continue to hand out huge tax cuts to millionaires. The five largest tax cuts this year will cost states a total of $2.2 billion per year once fully implemented.

The new Trump tax law will hand the top 1 percent of American taxpayers a grand total of $1 trillion in tax cuts over the coming decade, including an average tax cut per filer of more than $66,000 in 2026 alone.

Even though the American public consistently opposes big tax cuts to the wealthy, some state lawmakers have chosen to double down on them with new state tax laws that benefit millionaires over everyone else.

Our review of state tax legislation enacted across the country this year finds that lawmakers in Kansas, Mississippi, Missouri, Ohio, and Oklahoma have enacted the largest state income tax cuts for millionaires this year.

This is despite the fact that just 12 percent of the American public says that rich families are paying too much in taxes today.

Some state lawmakers have chosen to double down on them with new state tax laws that benefit millionaires over everyone else.

Author's summary: States hand out huge tax cuts to millionaires despite public opposition.

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Institute on Taxation and Economic Policy Institute on Taxation and Economic Policy — 2025-10-16

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