Democrats' Inflation Reduction Act would decrease the after-tax income of some earning below $400,000, according to a new analysis from Congress's tax scorekeeper.
Most people would see little change to their tax burden, and the legislation does not include direct tax increases on lower-income households. But President Joe Biden campaigned on the promise of not increasing taxes on anyone earning over $400,000, and Republicans contend the bill violates the pledge. The legislation is set for a vote in the House Friday.An analysis by the nonpartisan Joint Committee on Taxation found that 37.
While the bill includes no direct tax increases for individual filers, the JCT numbers in part show the projected effects of increasing corporate taxes, which would hit lower-income earners by reducing the value of stocks they might own in retirement accounts or reducing their wages. In total, the JCT concluded that the Democratic legislation would have little effect on the majority of filers’ tax burdens because most returns would have tax changes of less than $100 next year.
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