Two new studies by nonpartisan Joint Committee on Taxation (JCT) find tax rates will increase for every income level under the Build Back Better Act, part of President Joe Biden’s “Build Back Better” agenda.
“While Republican tax reform in 2017 cut taxes for all Americans, and increased the progressivity of the tax code, the Democrats’ approach to tax reform does not cut taxes for anyone, but it would raise taxes on millions of lower-and middle-income Americans at a time when they can least afford it,” said U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho). “The economy is already reeling from Democrats’ bad policies and people are struggling to make ends meet. The last thing they need are higher taxes, especially in light of rising odds of a recession and stagflation.”
Senate Finance Committee Republicans report:
The first analysis projects the distributional effect of the House-passed tax increases without temporary social policy tax relief. The analysis confirms:
* In 2023, when we are facing the dual threat of inflation and recession, the Democrats would raise $33 billion from Americans earning less than $400,000 per year, while providing a net tax cut of about $1.5 billion for Americans earning more than $400,000 per year.
* Over the course of the 10-year budget window, roughly 30 percent of the revenue raised for spending offsets and deficit reduction would come from Americans earning under $400,000 per year.
* Under the proposal, the average tax rate for every single income category would increase.
The second analysis projects the tax effect on filers in each income category. The analysis shows:
* If the Democrats’ tax reform is enacted this year, more than a quarter of Americans earning between $75,000 and $100,000 will see a tax increase next year, as will more than half of Americans earning between $100,000 and $200,000.
* In 2023, for taxpayers in the income range of $200,000 to $500,000 (85 percent of whom fall in the $200,000-$400,000 range), more than 80 percent will see a tax hike, reinforcing the fact that these proposals will violate President Biden’s pledge to not raise taxes on anyone earning below $400,000.
* By 2029, nearly 20 percent of Americans earning between $50,000 and $75,000 will get a tax increase, while none will receive tax relief.
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Michael Brigham
Michael Brigham has written for American Action News since the summer of 2019. His areas of expertise include foreign affairs, government, and politics, but regardless of the subject matter, he has a nose and an insatiable appetite for news. In his free time, he enjoys reading nonfiction, watching a mix of comedies and true crime documentaries, and spending time away from the swamp hiking in the foothills of the Appalachian Mountains.
No surprise here. When you elect tax-and-spend DIMocrats, you should expect it.
Republicans make my skin crawl. I smell my butthole when it passes my nose
When an idiot , fool , traitor , plus many other negatives and liar is appointed president We end up with destruction and anger plus other disasters and emotions that do not need explaining nor publication .
The Republicans should reverse this when they take over.
Taxes going up under DemocRat control! What a surprise.
Oh no, the Democrat-communists lied to us – again. Tell me it isn’t so.
Already the Democrat election ads have begun in the Detroit area denouncing billionaire REPUBLICANS who are funding candidates against the average American! Let’s see, would that be Soros, Bezos, Zuckerburg, etc., etc., etc . . .
Yet Republicans have not run any ads, most likely not having enough money for the massive campaign costs like the 2018 governor elections funded by Soros.