AT&T, Comcast, Time Warner Cable, Charter, and DirecTV are spending a combined $3.5 billion to save the country’s biggest companies from President Donald Trump’s $1 trillion tax cut package, a new report from the nonpartisan Tax Policy Center (TPC) shows.
That’s up from a previous TPC report in December 2017 that estimated the companies would save $3,000 for every household.
The $3bn in the TPC’s new report is in addition to $2.3 billion they previously said they were saving in the 2017 tax year.
The companies had previously spent the money on the $1.4 trillion tax relief plan the Trump administration unveiled in January, according to the report.
The biggest cuts in the tax bill are in the individual tax cuts, which Trump signed in May, and the corporate tax cut.
AT&E and Comcast have the biggest cuts.
The tax bill also contains several tax breaks for individuals, which could boost their returns, the TTPC report says.
But that’s not all.
The TPC says the tax relief for high-income households will be $2,400 higher than what Trump signed into law.
In 2018, that tax relief will amount to $1,500 per family, up from $900.
The highest-earning households will see the largest tax cut, up to $3 for $150,000, up $1 from $800.
The top 20% of households will get a $3 tax cut in 2018, up up $500 from $600.
And the tax cuts for the top 1% will increase by $1 million for every $1 in income.
The richest 1% of Americans will see a $2 million tax cut over the next decade, up by $600 from $700.
The most wealthy Americans will get an additional $1 billion tax cut for every dollar they make, up more than $2 billion from $1 $1 and $2 from $2 a year.
The report notes that the corporate rate could drop from 35% to 20% over the course of the decade, which would mean higher taxes for the most affluent and lower taxes for middle-income and lower-middle-income workers.
But the TTC says the corporate income tax rate will remain low.
And the Tax Policy Act of 1974 included a temporary increase in the corporate corporate rate of 25%, which would eventually expire.
The Republican plan would also raise the estate tax to $5.49 million per estate, and would also make it easier for companies to pass on to their workers tax-free amounts of money invested overseas.