New Report: Five States with the Biggest Tax Cuts for Millionaires in 2025
A new analysis from the Institute on Taxation and Economic Policy (ITEP) reveals that five states—Kansas, Mississippi, Missouri, Ohio, and Oklahoma—enacted the most significant income tax cuts for millionaires in 2025.
Collectively, these cuts will reduce state revenues by more than $800 million in 2026 and an estimated $2.2 billion a year once the cuts are fully implemented.
Just 12 percent of Americans believe wealthy families are overtaxed, yet state lawmakers are advancing tax policies that overwhelmingly benefit the richest residents.
Meanwhile, at the federal level, the new Trump tax law is projected to deliver $1 trillion in tax cuts to the top 1 percent over the next decade.
Author's summary: Tax cuts for millionaires in 5 states.
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