President Donald Trump has announced that he is “seriously considering” cutting the capital gains tax.
President Trump should use his executive authority to index capital gains taxes to inflation, a tax cut that would benefit millions of middle income households.
ATR looked at Internal Revenue Service data from 2017 (the most recent available data) to determine what percentage of middle class households had a capital gains filing:
- 25,494,330 American households had a capital gains filing
- 13,730,710 (53%) made less than $100k
- 20,466,770 (80%) made less than $200k
In Pennsylvania, more than one million households had a capital gains filing in 2017. 58 percent of those households made less than $100,000, and 83 percent made less than $200,000.
These results are just from one year. Imagine how many middle income households would be helped over the course of a decade by ending the inflation tax.
The breakdown for all 50 states is below.
Alabama
237,850 households had a capital gains filing
134,560 (57%) made less than $100k
198,770 (84%) made less than $200k
Alaska
52,090 households had a capital gains filing
26,910 (51%) made less than $100k
43,130 (82%) made less than $200k
Arizona
493,700 households had a capital gains filing
283,840 (57%) made less than $100k
412,790 (84%) made less than $200k
Arkansas
156,360 households had a capital gains filing
95,290 (61%) made less than $100k
133,610 (85%) made less than $200k
California
3,164,570 households had a capital gains filing
1,483,910 (47%) made less than $100k
2,335,870 (74%) made less than $200k
Colorado
557,710 households had a capital gains filing
290,200 (52%) made less than $100k
446,340 (80%) made less than $200k
Connecticut
383,770 households had a capital gains filing
186,810 (49%) made less than $100k
290,480 (76%) made less than $200k
Delaware
79,320 households had a capital gains filing
43,240 (55%) made less than $100k
66,360 (84%) made less than $200k
Florida
1,671,930 households had a capital gains filing
960,130 (57%) made less than $100k
1,359,950 (81%) made less than $200k
Georgia
612,040 households had a capital gains filing
312,530 (51%) made less than $100k
479,210 (78%) made less than $200k
Hawaii
118,500 households had a capital gains filing
67,270 (57%) made less than $100k
101,300 (85%) made less than $200k
Idaho
130,670 households had a capital gains filing
77,770 (60%) made less than $100k
108,880 (83%) made less than $200k
Illinois
1,124,230 households had a capital gains filing
593,720 (53%) made less than $100k
902,930 (80%) made less than $200k
Indiana
447,230 households had a capital gains filing
275,530 (62%) made less than $100k
386,120 (86%) made less than $200k
Iowa
278,830 households had a capital gains filing
173,830 (62%) made less than $100k
245,420 (88%) made less than $200k
Kansas
244,970 households had a capital gains filing
148,030 (60%) made less than $100k
210,480 (86%) made less than $200k
Kentucky
243,280 households had a capital gains filing
148,590 (61%) made less than $100k
209,010 (86%) made less than $200k
Louisiana
244,760 households had a capital gains filing
139,460 (57%) made less than $100k
203,150 (83%) made less than $200k
Maine
110,320 households had a capital gains filing
70,280 (64%) made less than $100k
96,330 (87%) made less than $200k
Maryland
506,630 households had a capital gains filing
229,920 (45%) made less than $100k
388,000 (77%) made less than $200k
Massachusetts
718,080 households had a capital gains filing
333,920 (47%) made less than $100k
532,420 (74%) made less than $200k
Michigan
792,020 households had a capital gains filing
480,120 (61%) made less than $100k
677,810 (86%) made less than $200k
Minnesota
562,350 households had a capital gains filing
314,770 (56%) made less than $100k
467,420 (83%) made less than $200k
Mississippi
114,930 households had a capital gains filing
68,780 (60%) made less than $100k
98,460 (86%) made less than $200k
Missouri
476,520 households had a capital gains filing
295,190 (62%) made less than $100k
411,850 (86%) made less than $200k
Montana
104,190 households had a capital gains filing
69,520 (67%) made less than $100k
92,820 (89%) made less than $200k
Nebraska
181,550 households had a capital gains filing
112,880 (62%) made less than $100k
159,320 (87%) made less than $200k
Nevada
185,410 households had a capital gains filing
106,470 (57%) made less than $100k
153,150 (83%) made less than $200k
New Hampshire
138,010 households had a capital gains filing
72,600 (53%) made less than $100k
112,020 (81%) made less than $200k
New Jersey
919,180 households had a capital gains filing
434,750 (47%) made less than $100k
690,050 (75%) made less than $200k
New Mexico
118,500 households had a capital gains filing
71,230 (60%) made less than $100k
102,300 (86%) made less than $200k
New York
1,749,140 households had a capital gains filing
920,440 (53%) made less than $100k
1,368,100 (78%) made less than $200k
North Carolina
711,010 households had a capital gains filing
393,900 (55%) made less than $100k
584,080 (82%) made less than $200k
North Dakota
76,010 households had a capital gains filing
45,980 (60%) made less than $100k
66,380 (87%) made less than $200k
Ohio
871,480 households had a capital gains filing
530,690 (61%) made less than $100k
746,060 (86%) made less than $200k
Oklahoma
211,550 households had a capital gains filing
124,580 (59%) made less than $100k
177,450 (84%) made less than $200k
Oregon
367,640 households had a capital gains filing
210,410 (57%) made less than $100k
308,170 (84%) made less than $200k
Pennsylvania
1,131,880 households had a capital gains filing
656,800 (58%) made less than $100k
942,780 (83%) made less than $200k
Rhode Island
87,160 households had a capital gains filing
47,550 (55%) made less than $100k
72,420 (83%) made less than $200k
South Carolina
322,640 households had a capital gains filing
184,710 (57%) made less than $100k
271,290 (84%) made less than $200k
South Dakota
84,850 households had a capital gains filing
54,310 (64%) made less than $100k
74,780 (88%) made less than $200k
Tennessee
384,010 households had a capital gains filing
219,170 (57%) made less than $100k
316,210 (82%) made less than $200k
Texas
1,657,150 households had a capital gains filing
802,760 (48%) made less than $100k
1,259,020 (76%) made less than $200k
Utah
191,520 households had a capital gains filing
105,750 (55%) made less than $100k
158,600 (83%) made less than $200k
Vermont
66,280 households had a capital gains filing
41,690 (63%) made less than $100k
58,010 (88%) made less than $200k
Virginia
734,100 households had a capital gains filing
338,010 (46%) made less than $100k
565,840 (77%) made less than $200k
Washington
714,380 households had a capital gains filing
346,160 (48%) made less than $100k
552,960 (77%) made less than $200k
West Virginia
83,390 households had a capital gains filing
53,700 (64%) made less than $100k
73,510 (88%) made less than $200k
Wisconsin
568,430 households had a capital gains filing
360,460 (63%) made less than $100k
500,340 (88%) made less than $200k
Wyoming
51,980 households had a capital gains filing
31,580 (61%) made less than $100k
44,970 (87%) made less than $200k