A report from Congress’ nonpartisan scorekeeper for tax policy reveals that the Democrats’ pending tax bill will raise taxes on the middle class — breaking one of President Biden’s key campaign promises.
The $2.9 trillion tax hike would raise the income tax, corporate tax, and income tax in order to fund the Democrats’ pending $3.5 trillion social welfare bill. Indeed, the Joint Committee on Taxation — composed of five members from the House Ways and Means Committee and five members from the Senate Finance Committee — confirmed that in the long-term, over 85% of taxpayers will witness a meaningful tax increase or receive no benefit whatsoever from the Democrats’ tax bill.
By 2023, taxpayers of virtually every income level will see substantial tax hikes:
- Nearly 5% of taxpayers earning between $40,000 and $50,000;
- 9% of those earning between $50,000 and $75,000;
- 18% of those earning between $75,000 and $100,000;
- 35% of those earning between $100,000 and $200,000; and
- 59% of those earning between $200,000 and $500,000.
By 2031, over three-quarters of taxpayers earning between $100,000 and $200,000 will see higher tax expenses.
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