New budget plans from Republicans in Congress propose sweeping new tax cuts for the wealthiest Americans. Specifically, among other changes, the budget plans seek to extend the individual income and estate tax provisions of the 2017 Tax Cuts and Jobs Act. According to the U.S. Treasury Department, doing so would cost nearly $4.2 trillion over the next decade—with nearly 60 percent of the tax cuts, or about $2.5 trillion, going to the top 10 percent of taxpayers, who earn more than $228,060 annually. Meanwhile, the top 1 percent of earners—those making at least $743,247 annually—would see their taxes reduced by more than $1.24 trillion over the next decade, accounting for roughly 30 percent of the total tax cut.