Trump Tax Provision Gives $17B Break to Millionaires

A congressional report finds the wealthiest Americans will benefit the most from President Trump’s tax deduction for owners of “pass-through” businesses, NBC News reports.

“The deduction, which ranges up to 20 percent, will shower $40.2 billion in tax breaks on owners of pass-throughs — largely businesses owned by an individual or a partnership, or those ‘S’ corporations that kick income and losses to shareholders for tax purposes — in 2018, the Joint Committee on Taxation estimated. The provision was included in the larger overhaul of tax rates enacted in December.”