One week ago, Florida Senator and National Republican Senator Committee Chair Rick Scott rolled out Republicans’ plan, which calls for raising income taxes for over half of Americans—including seniors, retirees, and working families. A new study confirms the Republican plan would actually raise taxes on middle-income households by an average of $450,a stark contrast with President Biden and Democrats who are fighting to lower costs for families.
- “More than 80 percent of the tax increase would be paid by households making about $54,000 or less, and 97 percent would be paid by those making less than about $100,000.”
- “A minimum income tax for all households would effectively eliminate the refundable portion of tax credits such as the Child Tax Credit and the Earned income Tax Credit.”
- “TPC estimates that the lowest-income households—those making less than about $27,000 annually—would pay an average of nearly $1,000 more in taxes in 2022, reducing their after-tax incomes by nearly 6 percent. Low-income families with children would pay the most: Achieving Scott’s goal would slash their after-tax incomes by more than $5,000, or more than 20 percent.”
- “A Scott-like plan would raise taxes on middle-income households by an average of $450.”
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