President Donald Trump's tax law will shower tens of billions of dollars in tax breaks on owners of pass-through businesses, a congressional review board said Monday.
NBC News reported that pass-through business owners will receive $40.2 billion in tax breaks this year, with the nation's millionaires receiving nearly half of that benefit: $17.4 billion. And the value of the deductions will rise in the coming years.
"The distribution of benefits from the pass-through deduction largely reflects the distribution of income from these businesses," said Mark Mazur, director of the nonpartisan Tax Policy Center.
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The deduction came about because Trump and congressional Republicans wanted to create parity between pass-through and C corporations.