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Here's how the tax bill will affect the richest 1% in all 50 states

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On Wednesday, the House approved a sweeping overhaul of the nation's tax code. President Donald Trump is expected to sign the legislation soon.

As for how it will affect individuals, in general, the more you earn, the more you'll save on taxes.

"There's clearly no question that the benefits of this tax break are going to go primarily to the top 4 percent [of earners]," Matt Gardner, a senior fellow at the at the Institute on Taxation and Economic Policy told CNBC's John Schoen.

Just how much will the richest Americans benefit under the new rules? The Institute on Taxation and Economic Policy crunched the numbers to find out. Below, we've highlighted the share of returns among the top 1 percent of earners that will get a tax cut and tax hike in each state, plus the average cut and hike.

Keep in mind that these estimates aren't definitive. "The new rules are so complex that two taxpayers in the same neighborhood with the same household income could see very different tax bills," reports Schoen.

And you'll want to take the below averages with a grain of salt. As Schoen points out, "the average of any collection of data often masks the range of impact on individuals. ... A focus on the average impact of the tax bill overlooks the specific impact on each individual tax return. Some households will see big savings; others will get hit with large increases."

The tax plan covers a 10-year span, so we included data for 2019 and 2027. You'll notice that the biggest cuts come in the early years, and that some people may see a cut in 2019 and a hike by 2027.

The income range for the top 1 percent varies by state, so we also included that. You can see how the new bill will affect all households here.

Alabama

Mobile, Alabama
Kathy Hicks | Getty Images

Top 1 percent income: $503,800 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$51,700)
  • Share getting a tax hike in 2019: 2 percent (average hike: $24,320)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 92 percent (average cut: -$4,820)
  • Share getting a tax hike in 2027: 8 percent (average hike: $400)

Alaska

Anchorage, Alaska
David Ryder | Bloomberg | Getty Images

Top 1 percent income: $532,590 and higher

  • Share getting a tax cut in 2019: 100 percent (average cut: -$73,010)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting a tax cut in 2027: 97 percent (average cut: -$3,970)
  • Share getting a tax hike in 2027: 2 percent (average hike: $760)
  • Share getting no change: 1 percent

Arizona

Tucson, Arizona
Getty Images

Top 1 percent income: $494,060 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$56,140)
  • Share getting a tax hike in 2019: 3 percent (average hike: $7,650)
  • Share getting a tax cut in 2027: 98 percent (average cut: -$5,930)
  • Share getting a tax hike in 2027: 2 percent (average hike: $330)

Arkansas

Hot Springs, Arkansas
Ionas Kaltenbach | Lonely Planet Images | Getty Images

Top 1 percent income: $466,700 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$42,720)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$7,610)
  • Share getting a tax hike in 2027: 0 percent

California

San Francisco, California
Gavin Hellier | Getty Images

Top 1 percent income: $877,560 and higher

  • Share getting a tax cut in 2019: 62 percent (average cut: -$54,190)
  • Share getting a tax hike in 2019: 38 percent (average hike: $17,200)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$14,230)
  • Share getting a tax hike in 2027: 1 percent (average hike: $590)

Colorado

John Greim | LightRocket | Getty Images

Top 1 percent income: $661,160 and higher

  • Share getting a tax cut in 2019: 96 percent (average cut: -$66,470)
  • Share getting a tax hike in 2019: 4 percent (average hike: $16,890)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$6,710)
  • Share getting a tax hike in 2027: 1 percent (average hike: $1,110)

Connecticut

Hartford, Connecticut, is teetering on the brink of bankruptcy, with a projected $2.7 billion deficit for the new fiscal year, beginning July 1.
Sean Pavone Photo | iStock | Getty Images

Top 1 percent income: $1,030,720 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$72,440)
  • Share getting a tax hike in 2019: 1 percent (average hike: $25,500)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$16,070)
  • Share getting a tax hike in 2027: 0 percent

Delaware

Wilmington, Delaware
Walter Bibikow | Getty Images

Top 1 percent income: $505,960 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$41,520)
  • Share getting a tax hike in 2019: 2 percent (average hike: $4,690)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$5,200)
  • Share getting a tax hike in 2027: 0 percent

Washington, D.C.

Washington, DC
Danita Delimont | Getty Images

Top 1 percent income: $1,111,620 and higher

  • Share getting a tax cut in 2019: 93 percent (average cut: -$87,680)
  • Share getting a tax hike in 2019: 1 percent (average hike: $22,030)
  • Share getting no change: 6 percent
  • Share getting a tax cut in 2027: 94 percent (average cut: -$17,600)
  • Share getting a tax hike in 2027: 0 percent
  • Share getting no change: 6 percent

Florida

Buildings line the beach in Miami, Florida.
Getty Images

Top 1 percent income: $682,090 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$101,350)
  • Share getting a tax hike in 2019: 2 percent (average hike: $62,590)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$12,040)
  • Share getting a tax hike in 2027: 0 percent

Georgia

Atlanta reflected in the lake of Piedmont Park.
Giorgio Fochesato | Getty Images

Top 1 percent income: $557,860 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$67,020)
  • Share getting a tax hike in 2019: 3 percent (average hike: $8,440)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$7,060)
  • Share getting a tax hike in 2027: 1 percent (average hike: $160)

Hawaii

Oahu, Hawaii
Getty Images

Top 1 percent income: $554,230 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$40,710)
  • Share getting a tax hike in 2019: 3 percent (average hike: $6,330)
  • Share getting a tax cut in 2027: 98 percent (average cut: -$6,950)
  • Share getting a tax hike in 2027: 2 percent (average hike: $490)

Idaho

Boise, Idaho
Anna Gorin | Getty Images

Top 1 percent income: $484,120 and higher

  • Share getting a tax cut in 2019: 96 percent (average cut: -$50,320)
  • Share getting a tax hike in 2019: 3 percent (average hike: $5,740)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$4,580)
  • Share getting a tax hike in 2027: 0 percent

Illinois

Chicago, Illinois
George Rose | Getty Images

Top 1 percent income: $672,640 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$59,700)
  • Share getting a tax hike in 2019: 1 percent (average hike: $55,900)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$9,390)
  • Share getting a tax hike in 2027: 1 percent (average hike: $150)

Indiana

Downtown Indianapolis
Education Images | UIG | Getty Images

Top 1 percent income: $518,040 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$50,070)
  • Share getting a tax hike in 2019: 1 percent (average hike: $37,540)
  • Share getting a tax cut in 2027: 92 percent (average cut: -$5,210)
  • Share getting a tax hike in 2027: 7 percent (average hike: $380)
  • Share getting no change: 1 percent

Iowa

West Des Moines, Iowa
Source: Ryan Donnell | MONEY

Top 1 percent income: $475,120 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$43,800)
  • Share getting a tax hike in 2019: 1 percent (average hike: $22,270)
  • Share getting a tax cut in 2027: 98 percent (average cut: -$4,750)
  • Share getting a tax hike in 2027: 2 percent (average hike: $1,250)

Kansas

Wichita, Kansas
Davel5957 | Getty Images

Top 1 percent income: $531,850 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$61,660)
  • Share getting a tax hike in 2019: 1 percent (average hike: $46,480)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 92 percent (average cut: -$7,590)
  • Share getting a tax hike in 2027: 8 percent (average hike: $350)

Kentucky

Louisville, Kentucky
Raymond Boyd | Getty Images

Top 1 percent income: $449,200 and higher

  • Share getting a tax cut in 2019: 94 percent (average cut: -$40,450 )
  • Share getting a tax hike in 2019: 5 percent (average hike: $ 3,640)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 98 percent (average cut: -$4,730)
  • Share getting a tax hike in 2027: 2 percent (average hike: $100)

Louisiana

Shreveport, Louisiana
McFarlandPhoto | Getty Images

Top 1 percent income: $489,060 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$56,290)
  • Share getting a tax hike in 2019: 3 percent (average hike: $7,660)
  • Share getting a tax cut in 2027: 91 percent (average cut: -$5,730)
  • Share getting a tax hike in 2027: 9 percent (average hike: $210)

Maine

Portland, Maine
Denis Jr. Tangney | E+ | Getty Images

Top 1 percent income: $506,560 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$32,890)
  • Share getting a tax hike in 2019: 2 percent (average hike: $7,670)
  • Share getting a tax cut in 2027: 97 percent (average cut: -$4,680)
  • Share getting a tax hike in 2027: 3 percent (average hike: $150)

Maryland

Downtown Baltimore, Maryland
Greg Pease | Getty Images

Top 1 percent income: $676,760 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$53,220
  • Share getting a tax hike in 2019: 1 percent (average hike: $53,050)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$7,890)
  • Share getting a tax hike in 2027: 0 percent
  • Share getting no change: 1 percent

Massachusetts

Boston, Massachusetts
Mare Magnum | Getty Images

Top 1 percent income: $808,270 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$86,380)
  • Share getting a tax hike in 2019: 1 percent (average hike: $51,780)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$13,210)
  • Share getting a tax hike in 2027: 0 percent

Michigan

Detroit, Michigan
Joshua Lott | AFP | Getty Images

Top 1 percent income: $516,650 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$60,570)
  • Share getting a tax hike in 2019: 1 percent (average hike: $118,070)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$6,680)
  • Share getting a tax hike in 2027: 0 percent

Minnesota

An early morning jog around Lake Bde Maka Ska, St. Paul, Minnesota.
John Elk | Getty Images

Top 1 percent income: $640,480 and higher

  • Share getting a tax cut in 2019: 96 percent (average cut: -$44,990)
  • Share getting a tax hike in 2019: 4 percent (average hike: $14,110)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$6,030)
  • Share getting a tax hike in 2027: 0 percent

Mississippi

Madison is part of the Jackson metro area in Mississippi
Dosfotos | Design Pics | Getty Images

Top 1 percent income: $379,140 and higher

  • Share getting a tax cut in 2019: 94 percent (average cut: -$39,980)
  • Share getting a tax hike in 2019: 6 percent (average hike: $23,340)
  • Share getting a tax cut in 2027: 94 percent (average cut: -$4,080)
  • Share getting a tax hike in 2027: 6 percent (average hike: $270)

Missouri

St. Louis, Missouri
Joe Sohm | Visions of America | Photodisc | Getty Images

Top 1 percent income: $500,360 and higher

  • Share getting a tax cut in 2019: 96 percent (average cut: -$51,080)
  • Share getting a tax hike in 2019: 3 percent (average hike: $11,810)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 97 percent (average cut: -$6,550)
  • Share getting a tax hike in 2027: 3 percent (average hike: $230)

Montana

Helena, Montana
John Elk | Getty Images

Top 1 percent income: $499,160 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$53,720)
  • Share getting a tax hike in 2019: 1 percent (average hike: $70,260)
  • Share getting a tax cut in 2027: 98 percent (average cut: -$4,910)
  • Share getting a tax hike in 2027: 2 percent (average hike: $470)

Nebraska

Lincoln, Nebraska
Lonely Planet

Top 1 percent income: $531,450 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$52,860)
  • Share getting a tax hike in 2019: 2 percent (average hike: $40,190)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$6,970)
  • Share getting a tax hike in 2027: 0 percent

Nevada

Las Vegas, Nevada
George Rose | Getty Images

Top 1 percent income: $614,760 and higher

  • Share getting a tax cut in 2019: 100 percent (average cut: -$105,240)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$12,980)
  • Share getting a tax hike in 2027: 0 percent

New Hampshire

Portsmouth, New Hampshire
Loop Images | UIG | Getty Images

Top 1 percent income: $580,520 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$59,180)
  • Share getting a tax hike in 2019: 3 percent (average hike: $6,070)
  • Share getting a tax cut in 2027: 95 percent (average cut: -$8,580)
  • Share getting a tax hike in 2027: 5 percent (average hike: $160)

New Jersey

Jersey City, New Jersey
Getty Images

Top 1 percent income: $1,116,200 and higher

  • Share getting a tax cut in 2019: 76 percent (average cut: -$43,460)
  • Share getting a tax hike in 2019: 24 percent (average hike: $10,230)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$8,390)
  • Share getting a tax hike in 2027: 0 percent

New Mexico

Albuquerque, New Mexico
Richard Cummins | Lonely Planet Images | Getty Images

Top 1 percent income: $419,590 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$39,160)
  • Share getting a tax hike in 2019: 1 percent (average hike: $16,060)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$4,300)
  • Share getting a tax hike in 2027: 0 percent

New York

New York, New York
Jean-Pierre Lescourret | Lonely Planet | Getty Images

Top 1 percent income: $888,520 and higher

  • Share getting a tax cut in 2019: 56 percent (average cut: -$66,280)
  • Share getting a tax hike in 2019: 43 percent (average hike: $17,380)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$18,830)
  • Share getting a tax hike in 2027: 0 percent

North Carolina

Charlotte, North Carolina
Skyhobo | Getty Images

Top 1 percent income: $530,930 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$45,730)
  • Share getting a tax hike in 2019: 1 percent (average hike: $28,550)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$4,990)
  • Share getting a tax hike in 2027: 1 percent (average hike: $180)

North Dakota

Fargo, North Dakota
Richard Cummins | Getty Images

Top 1 percent income: $604,800 and higher

  • Share getting a tax cut in 2019: 93 percent (average cut: -$65,890)
  • Share getting a tax hike in 2019: 6 percent (average hike: $12,360)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 99 percent (average cut: -$4,270)
  • Share getting a tax hike in 2027: 1 percent (average hike: $410)

Ohio

Columbus, Ohio
LarryKnupp | Getty Images

Top 1 percent income: $507,230 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$48,640)
  • Share getting a tax hike in 2019: 2 percent (average hike: $10,720)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$5,610)
  • Share getting a tax hike in 2027: 1 percent (average hike: $510)

Oklahoma

Tulsa, Oklahoma
Walter Bibikow | Getty Images

Top 1 percent income: $481,900 and higher

  • Share getting a tax cut in 2019: 97 percent (average cut: -$51,480)
  • Share getting a tax hike in 2019: 2 percent (average hike: $12,040)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 98 percent (average cut: -$4,810)
  • Share getting a tax hike in 2027: 2 percent (average hike: $290)

Oregon

Beaverton, Oregon
Source: Town of Beaverton

Top 1 percent income: $656,460 and higher

  • Share getting a tax cut in 2019: 93 percent (average cut: -$40,180)
  • Share getting a tax hike in 2019: 7 percent (average hike: $54,750)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$5,190)
  • Share getting a tax hike in 2027: 0 percent

Pennsylvania

Philadelphia, Pennsylvania
Getty Images

Top 1 percent income: $575,640 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$54,560)
  • Share getting a tax hike in 2019: 1 percent (average hike: $29,300)
  • Share getting a tax cut in 2027: 96 percent (average cut: -$7,180)
  • Share getting a tax hike in 2027: 4 percent (average hike: $280)

Rhode Island

Providence, Rhode Island
Jeff Greenberg | UIG | Getty Images

Top 1 percent income: $530,470 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$44,490)
  • Share getting a tax hike in 2019: 2 percent (average hike: $3,030)
  • Share getting a tax cut in 2027: 97 percent (average cut: -$5,960)
  • Share getting a tax hike in 2027: 3 percent (average hike: $430)

South Carolina

Charleston, South Carolina
Stephen Saks | Lonely Planet Images | Getty Images

Top 1 percent income: $497,860 and higher

  • Share getting a tax cut in 2019: 96 percent (average cut: -$50,890)
  • Share getting a tax hike in 2019: 4 percent (average hike: $10,820)
  • Share getting a tax cut in 2027: 98 percent (average cut: -$5,000)
  • Share getting a tax hike in 2027: 1 percent (average hike: $140)
  • Share getting no change: 1 percent

South Dakota

South Dakota Capitol Building in Pierre
Richard Cummins | Getty Images

Top 1 percent income: $539,300 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$89,200)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 95 percent (average cut: -$6,730)
  • Share getting a tax hike in 2027: 5 percent (average hike: $420)

Tennessee

People in Market Square on market day in Knoxville, Tennessee.
Csfotoimages | Getty Images

Top 1 percent income: $527,590 and higher

  • Share getting a tax cut in 2019: 100 percent (average cut: -$57,130)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting a tax cut in 2027: 92 percent (average cut: -$5,900)
  • Share getting a tax hike in 2027: 8 percent (average hike: $380)

Texas

Kayaking in Austin, Texas.
David Kozlowski | Getty Images

Top 1 percent income: $660,980 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$83,170)
  • Share getting a tax hike in 2019: 2 percent (average hike: $38,260)
  • Share getting a tax cut in 2027: 62 percent (average cut: -$10,330)
  • Share getting a tax hike in 2027: 38 percent (average hike: $250)

Utah

A scene showing 25th Street in Ogden, Utah.
Mandicoleman.com | Getty Images

Top 1 percent income: $574,890 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$70,850)
  • Share getting a tax hike in 2019: 1 percent (average hike: $37,260)
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$6,930)
  • Share getting a tax hike in 2027: 0 percent

Vermont

Vermont was one of the first to get the ball rolling last year with its Remote Worker Grant Program, offering individuals up to $10,000 over two years to move to the Green Mountain State.
Glenn Van Der Knijff | Getty Images

Top 1 percent income: $517,790 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$33,860)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 90 percent (average cut: -$7,810)
  • Share getting a tax hike in 2027: 10 percent (average hike: $990)

Virginia

Richmond, Virginia.
Jeff Auth | Getty Images

Top 1 percent income: $644,150 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$61,140)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 100 percent (average cut: -$7,380)
  • Share getting a tax hike in 2027: 0 percent

Washington

Belltown, Seattle neighborhood
Richard Cummins | Getty Images

Top 1 percent income: $666,040 and higher

  • Share getting a tax cut in 2019: 98 percent (average cut: -$93,110)
  • Share getting a tax hike in 2019: 2 percent (average hike: $16,200)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$7,680)
  • Share getting a tax hike in 2027: 0 percent

West Virginia

West Virginia Capital Building.
Jodi Jacobson | E+ | Getty Images

Top 1 percent income: $342,810 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$28,320)
  • Share getting a tax hike in 2019: 0 percent
  • Share getting no change: 1 percent
  • Share getting a tax cut in 2027: 99 percent (average cut: -$2,640)
  • Share getting a tax hike in 2027: 1 percent (average hike: $510)

Wisconsin

Madison, Wisconsin
Greater Madison Convention & Visitors Bureau

Top 1 percent income: $539,460 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$54,510)
  • Share getting a tax hike in 2019: 1 percent (average hike: $32,220)
  • Share getting a tax cut in 2027: 99 percent (average cut: -$7,820)
  • Share getting a tax hike in 2027: 1 percent (average hike: $290)

Wyoming

In Teton County, home to the famed Jackson Hole ski resort in Wyoming, the average income of a member of the top 1% tops $28 million.
WitGorski | Getty Images

Top 1 percent income: $506,730 and higher

  • Share getting a tax cut in 2019: 99 percent (average cut: -$110,420)
  • Share getting a tax hike in 2019: 1 percent (average hike: $1,880)
  • Share getting a tax cut in 2027: 100 percent (average cut: -$14,070)
  • Share getting a tax hike in 2027: 0 percent

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