Most recipients of new Trump tax breaks earn less than $100,000: Treasury
The Treasury Department released a new analysis that found the majority of filers who claimed the new tax breaks enacted by Republicans last year earn less than $100,000.
TL;DR
- A Treasury Department analysis found most filers claiming new Republican tax breaks earn less than $100,000.
- The tax breaks were enacted as part of the One Big Beautiful Bill Act.
- Key provisions include tax breaks for tips, overtime income, Social Security, and auto loans.
- Over 7.5 million filers claimed the no-taxes-on-tips benefit, with 90% earning under $100,000.
- Approximately 29 million filers claimed the no-taxes-on-overtime deduction, with 75% earning under $100,000.
- 35 million seniors claimed an enhanced deduction, with 68% earning under $100,000.
- Treasury Secretary Scott Bessent stated these policies deliver substantial tax cuts to hardworking Americans.
- Many new tax provisions were designed to benefit lower- and middle-income taxpayers and phase out based on income.
- The analysis also reported that 97% of filers received a tax cut due to the legislation.