A new report shows that one of the biggest breaks in Trump's tax law will go to the richest Americans

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• A new report from the congressional Joint Committee on Taxation analyzed benefits from different parts of the new GOP tax law.
• The JCT found the new deduction for pass-through business will heavily benefit the wealthiest Americans.
• Americans making over $1 million a year, who make up 0.3% of all tax filers, will receive 44.3% of the total benefit from the pass-through deduction.

A new report from the Joint Committee on Taxation found that a provision from the Republican tax law designed to help small businesses would mostly benefit Americans in the top 1% of earners.

The report, released Monday, broke down various aspects of the GOP tax law, including the new deduction for pass-through businesses, or companies in which the owner takes the profits as income and pays taxes on those profits as part of their individual tax return.

In the new law, many pass-through businesses will be able to deduct the first 20% of qualified pass-through income from their individual filings. That would theoretically bring down the top marginal tax rate for pass-through owners from 37% to 29.6%.

A significant amount of the pass-through deduction's benefits will go to those filers making more than $1 million per year. According to the JCT report, 44.2% of its benefits would go to around 200,000 millionaire filers in 2018. The report projected that share would increase to 52.4% by 2024.

In short, that means about one-third of the 0.3% of Americans making $1 million and over will receive a benefit of $17.8 billion.

The JCT report showed:

• Filers making over $1 million a year will account for 12.7% of US income and pay 36% of all individual income taxes in 2018.
• 53% of the deduction's benefits in 2018 will go to roughly 400,000 filers making above $500,000. In tax year 2015, the latest year the IRS has data, a filer had to make $480,930 a year to qualify for the top 1% of earners.
• 7.9 million of the roughly 133 million tax filers making $100,000 or less will receive $3 billion, or 7.5%, of the total benefit from the pass-through deduction in 2018.

Republicans have argued that pass-through business owners will take tax savings and reinvest in their companies, saying it will lead to job growth and possibly a macroeconomic boost.