Who will be the main beneficiary of the cuts in income tax?

削减所得税的主要受益者将是谁？

《牛津词典》

Here's where low interest rates come in: the beneficiary gets all the appreciation minus a tax, known as the hurdle rate, which is tied to current interest rates.

这儿就要提到利率了：受益人可以得到所有的税后增值收益，也称最低预期资本回收率，这个收益率与现行利率相挂钩。

youdao

By contrast, if an estate is named as beneficiary, tax deferral is cut short.

FORBES: Congress May Crush Key Tool For IRA Inheritors

Tax expenditures raise your effective tax burden if you are not the beneficiary of any of this hidden government largesse, and reduce your tax burden if you are on the receiving end.

CNN: 3 ways to relieve our tax hangovers

So trusts even relatively small ones will be hit with the 23.8% capital gains rate (the 20% rate plus the 3.8% Obamacare tax), even if the beneficiary himself would be squarely in 15% capital gains territory.

FORBES: Tax Hikes Hit Trusts Hard, Beneficiaries Pull Money Out