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No.
The 2017 tax cut law signed by former President Donald Trump cut income tax rates essentially across the board.
From 2017 to 2018, the average rate dropped from 4% to 3.4% for the bottom half of income earners and from 26.8% to 25.4% for the top 1%, according to the Tax Foundation.
In 2018, the Tax Policy Center estimated, 65% of households paid lower taxes.
The tax claim was made June 8, 2024, by Illinois Gov. J.B. Pritzker at the Wisconsin Democratic Party convention. His office cited a Center on Budget and Policy Priorities analysis.
It states that the cuts are skewed to the rich, with the estimated average savings in 2025 of $70 for the lowest 20% of earners (up to $27,300) and of $61,090 for the top 1% (income of $837,800 or more).
Many of the law’s tax breaks will expire after 2025 unless Congress acts.
This fact brief is responsive to conversations such as this one.
Sources
Tax Foundation: Tax Calculator: How the TCJA’s Expiration Will Affect You
GoBankingRates: Trump Era Tax Cuts Are Set To Expire — Here’s How Much More You’ll Pay
CNBC: Trump-era tax cuts set to expire after 2025 — here’s what you need to know
Tax Policy Center: The Effect of the TCJA
WisconsinEye: (4:07:55) 2024 Democratic Party of Wisconsin State Convention
Center on Budget and Policy Priorities: The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises
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