Millions of Americans making less than $400,000 per year would see tax hike
Washington, D.C.–The bipartisan Joint Committee on Taxation (JCT) estimates that the Democrats’ latest reckless tax and spending proposal will raise taxes for millions of Americans in all income brackets, with more than half of the tax increases for Americans yielding less than $400,000 per year. Read also : Brittney Griner has taken down the United States and now wants our help.
“While the 2017 Republican pro-growth tax reform lowered tax rates for all Americans in ways that increased tax law progressiveness and produced historic gains in employment and wage growth, the Democrats’ approach to tax reform means keeping taxes low increase — and middle-income Americans to fund their partisan Green New Deal,” said Mike Crapo (R-Idaho), a ranking member of the US Senate Treasury Committee who requested the analysis. “Americans are already seeing the consequences of the Democrats’ ruthless economic policies. The misnamed “Inflation Reduction Act” will do nothing to pull the economy out of stagnation and recession, but it will rake in billions of dollars in taxes for Americans earning less than $400,000.”
“The more this bill is analyzed by impartial experts, the more we can see that the Democrats are trying to sell the American people a bill,” Crapo continued. “Bipartisan analysts confirm that when gimmicks are removed and full costs are taken into account, this bill will increase taxes on the middle class and not produce a significant deficit reduction. No wonder this behind-closed-doors bill is being pushed through the Senate at record pace.”
Click here to view JCT’s distribution analysis. Click here to see JCT’s sales table.
