The poorest Americans will pay more in taxes as a result of Democrats' inflation bill, a nonpartisan analysis concluded, despite President Biden's past pledges.
Rep. Roger Williams, R-Texas, discusses the impact of Sens. Manchin and Schumer's deal on small businesses, the semiconductor bill and the Republicans' response to Democrats' spending.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.
The Inflation Reduction Act, though, boosts Internal Revenue Service enforcement, a provision that is expected to increase federal tax revenue by $124 billion. The bill also creates a minimum corporate tax rate of 15% which is expected to boost federal tax revenue by $313 billion."The proposed corporate alternative minimum tax is the largest revenue raising provision in the analysis," Thomas Barthold, the JCT's chief of staff, told FOX Business in an email.
President Joe Biden removes his mask as he delivers remarks on the Inflation Reduction Act of 2022 at the White House on July 28, 2022.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
How Biden Lost The Support Of Young AmericansIn 2020, around 60 percent of 18- to 29-year-old voters cast a ballot for Joe Biden, making them the most Democratic-leaning voting group by age. This was in li…
Leer más »
Conservative groups slam President Biden for attempting to 'gaslight' Americans on recessionConservative groups are criticizing the President Biden as well as his administration for trying to redefine what a 'recession' is after a weak GDP report.
Leer más »
Democratic Sen. Joe Manchin Demurs on Biden in 2024 and Dem Majorities This YearSen. Joe Manchin, one of the Democrats’ most conservative and contrarian members, declined on Sunday to endorse Joe Biden if the president seeks a second term in 2024 and refused to say whether he wants Democrats to retain control of Congress after the November elections.
Leer más »
Manchin demurs on Biden in 2024 and Dem majorities this yearWASHINGTON (AP) — Sen. Joe Manchin, one of the Democrats' most conservative and contrarian members, declined on Sunday to endorse Joe Biden if the president seeks a second term in 2024 and refused to say whether he wants Democrats to retain control of Congress after the November elections.
Leer más »
Biden tests positive for COVID-19 in ‘rebound’ case, returns to isolationHe has no reemergence of symptoms and will isolate, according to White House officials.
Leer más »