The Briefing Room
General Category => Politics/Government => Topic started by: Kamaji on August 01, 2022, 12:30:50 pm
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Schumer-Manchin deal raises taxes on earners under $400K, study shows
By David Propper
July 31, 2022
The energy and healthcare deal from Sens. Joe Manchin and Chuck Schumer would raise taxes on millions of Americans earning less than $400,000 annually, Senate Republicans say, citing non-partisan data.
The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000.
During the 10-year window, the average tax rate would go up for most income categories, the Senate GOP said, citing the data from the joint committee. And by 2031, new energy credits and subsidies would have people earning less than $400,000 pay as much as two-thirds of the additional tax revenue collected that year, the release said.
“Americans are already experiencing the consequences of Democrats’ reckless economic policies. The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000,” said Sen. Mike Crapo, an Idaho Republican who sits on the Senate Finance Committee as a ranking member, and who requested the analysis.
“The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,” Crapo added.
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Source: https://nypost.com/2022/07/31/senate-gop-argues-data-shows-schumer-manchin-deal-raises-taxes-on-earners-under-400k/
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(https://media.gettr.com/group15/origin/2022/07/12/21/677019e2-e10f-174f-40fb-b0ae01d0be7c/dc4e39f4b4b3dda426ecb9e01bebd51d.gif)