JCT: Democrats’ Proposals Increase Taxes on Millions of Low and Middle Income Americans

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JCT: Democrats’ Proposals Increase Taxes on Millions of Americans
Millions of Americans making less than $400,000 per year would see tax hike
July 30,2022
Washington, D.C.–The nonpartisan Joint Committee on Taxation (JCT) estimates the Democrats’ latest reckless tax-and-spend proposal will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year. https://www.finance.senate.gov/imo/media/doc/jct_distributional_effects_inflation_reduction_act.pdf

“While Republicans’ pro-growth tax reform in 2017 reduced tax rates for all Americans in a way that increased the progressivity of the tax code and produced historic gains in job and wage growth, the Democrats’ approach to tax reform means increasing taxes on low- and middle-income Americans to fund their partisan Green New Deal,” said U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho), who requested the analysis. 

“Americans are already experiencing the consequences of Democrats’ reckless economic policies. …

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