Red States Top List of Those With Biggest Tax Giveaways to Millionaires and Billionaires

“These tax cuts are not only fiscally reckless but also deeply inequitable.”

The Institute on Taxation and Economic Policy (ITEP) released a new analysis on Thursday showing that five states—Kansas, Mississippi, Missouri, Ohio, and Oklahoma—this year have enacted income tax cuts for families that earn over $1 million per year that are projected to collectively reduce their state governments’ revenues by $2.2 billion per year once fully implemented.

ITEP also poked holes in any Republican claims that the tax cuts they passed were a benefit for “working families,” and showed how the GOP’s policy is overwhelmingly tilted to benefit the wealthy.

Aidan Davis, ITEP’s state policy director, expressed dismay at how much these state governments were willing to give to their wealthiest residents, even as their own state budgets face significant cuts to programs such as Medicaid the Supplemental Nutrition Assistance Program, both of which help low-income Americans.

Dylan Grundman O’Neill, senior analyst at ITEP, argued that these states’ policies “double down on inequality” and “prioritize millionaires while putting critical services like education, healthcare, and infrastructure at risk for everyone else.”