A new report from the Joint Committee on Taxation confirms that House Democrats’ tax plan would, on average, cut taxes for people earning under $200,000 a year. Are Republicans really prepared to go to the mat against a tax cut for the American people after they easily passed trillions of dollars of tax cuts for wealthy Americans and big corporations?
Reuters: Democrats’ tax plan would cut bills for most Americans -congressional panel
- “U.S. tax code changes sought by Democrats in the House of Representatives to help fund $3.5 trillion in domestic investments would cut annual tax bills for Americans earning less than $200,000 a year through 2025, a congressional estimate showed on Tuesday.”
- “The bipartisan Joint Committee on Taxation estimated that expanded tax credits for children and earned income would mean people in lower-income brackets would pay far less in taxes in 2023 under the Democratic plan, which is being debated this week in the tax-writing House Ways and Means Committee.”
CNBC: Millionaire taxes would increase 11% in 2023 under House Democrat plan
- “Meanwhile, Democrats’ policies would give an average tax cut to all households with incomes less than $200,000.”
- “For example, those with $20,000 to $30,000 of income would get an 87% reduction in their federal taxes in 2023, amounting to more than $18,700 of tax savings, according to the Committee estimates.”