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Reply to "Inflation Reduction Act of 2022"
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[quote=Anonymous]Highest tax increase in working Americans in history. The nonpartisan Joint Committee on Taxation (JCT) estimates the Schumer/Manchin bill will hit Americans in every income bracket, with more than half of the tax increases on people making less than $400,000 per year. https://www.finance.senate.gov/imo/media/doc/jct_distributional_effects_inflation_reduction_act.pdf In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation and a massive recession. By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year. [/quote]
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