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Which billionaires will see the largest reduction in tax liability under the big beautiful bill?
Executive summary
Analysts and Democratic officials say the One Big Beautiful Bill (OBBBA) / Trump megabill delivers the largest per‑year tax cuts to the ultra‑wealthy: estimates put $117 billion in tax cuts for the top 1% in 2026 and $132 billion for the richest 1% in 2027, with the top 0.1% projected to average a $309,000 annual cut by 2029 [1] [2] [3]. Independent policy groups estimate the top 1% would receive roughly $1.02 trillion over a decade under the package, while other analyses stress that many lower‑income provisions are temporary or reduced [4] [5].
1. Who the reporting names as the biggest winners: billionaires and the top 1%
Multiple nonprofit analyses and Democratic offices frame the law as concentrated toward the top 1% and the ultra‑rich: ITEP’s breakdown says the law delivers $117 billion to the top 1% in 2026 and projects $1.02 trillion for the top 1% over the next decade [1] [4]. Senator Elizabeth Warren’s office highlights a $132 billion benefit to the richest 1% in 2027 and contrasts that with cuts to social programs [2]. State officials put a finer point on the very wealthiest, saying the top 0.1% would see average annual tax cuts of about $309,000 by 2029 [3].
2. How analysts calculate “largest reduction” — distributional estimates, not named individuals
Available sources do not list specific billionaires by name as the single biggest individual beneficiaries; instead, they use distributional tables and averages to allocate benefits across income groups. ITEP and the Congressional JCT table referenced produce totals for income brackets (top 1%, top 0.1%), not per‑person lists of named billionaires [4]. Thus, press and policy groups report who benefits by income slice rather than declaring that a specific billionaire X will save Y dollars [4].
3. What provisions drive the gains for the wealthy
Commentary and fact sheets point to extensions and permanency of earlier tax‑rate cuts, corporate‑oriented provisions, estate and shareholder benefits, and rollback of enforcement/policy changes as the principal drivers of concentrated gains for wealthy taxpayers and affluent households [6] [7]. The New York Times reporting cited broader tax and Treasury/IRS actions that further reduce tax revenue for high‑end taxpayers and corporations [7].
4. Political framing — competing narratives from Democrats, Republicans, and fact‑checkers
Democratic offices and advocacy groups present the bill as a deliberate transfer to billionaires and corporations—framing choices include labels like “Big Ugly Law” and “steals from the poor to give to the ultra‑rich” [8] [9]. Republicans and some defenders argue larger shares of the public also receive permanent benefits; PolitiFact noted the bill makes many 2017 tax‑cut elements permanent and that not all breaks for lower‑income taxpayers are temporary [5]. FactCheck.org warns both sides spin the distributional story; several Democrats exaggerated claims that only billionaires benefit, while critics emphasize how much of the savings is skewed to the wealthy [10].
5. Quantities worth remembering — headline numbers in the debate
Key figures repeatedly cited in the sources: $117 billion in benefits to the top 1% in 2026 (ITEP), $132 billion for the richest 1% in 2027 per Sen. Warren’s analysis, $1.02 trillion in tax cuts to the top 1% over a decade (ITEP), and an estimated $100+ billion in additional cuts from rolling back enforcement actions cited by The New York Times [1] [2] [4] [7].
6. Limits of available reporting and what’s not found
Available sources do not provide a definitive ranked list naming which individual billionaires will see the single largest dollar reductions (for example, “Billionaire A saves $X million”), and they do not show person‑level JCT calculations in the supplied excerpts [4]. If you want firm individual names and dollar amounts, current reporting here does not include those person‑by‑person breakdowns [4].
7. What to watch next — data and hearings that could change the picture
Congressional budget and tax distribution tables (e.g., JCT tables), IRS guidance about enforcement and shelter rules, and follow‑up analyses from nonpartisan groups will sharpen who gains most; The New York Times flagged further savings tied to IRS/Treasury policy rollbacks that could add roughly $100 billion more in benefits for big firms and investors [7]. Expect new JCT releases and state analyses to refine the decade‑long totals and per‑household averages [4].
Bottom line: policy analyses consistently show the biggest absolute tax reductions flow to the top 1% and especially the top 0.1% as groups, but the current reporting in these sources does not assign named billionaires specific dollar savings [1] [4] [3].