Manchin-Schumer Deal Raises Taxes on Millions of Americans, Even on Lower and Middle Class

The “Inflation Reduction Act” doesn’t reduce inflation

• It even raises inflation in the first couple of years.
• The bill does raise taxes for people making over $30,000, but only on those making less than $10,000.
• It is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000
• Throughout the ten-year window, the average tax rate for nearly every single income category would increase.
  1. According to JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000.
  2. 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.
  3. But there's another problem with it, and that's what Fox's Bret Baier tried to get at when he was questioning Manchin on his show that it's going to raise taxes.
  4. The $17 billion hit alone is confirmation that the Biden pledge to not raise taxes on anyone earning less than $400,000 is shattered by the latest tax-and-spend bill.
  5. 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. 

https://redstate.com/nick-arama/2022/07/31/manchin-schumer-deal-raises-taxes-on-millions-of-americans-even-on-lower-and-middle-class-n604991