Manchin and Schumer’s $433 billion Inflation Reduction Act would ‘RAISE taxes’ on Americans making less than $400,000 a year – and break Biden’s promise of only targeting the ultra-wealthy, study shows
- Republicans on the Senate Finance Committee commissioned a study over the weekend from the nonpartisan Joint Committee on Taxation
- The JCT estimates that Americans making less than $200,000 per year would see their federal taxes increase by $16.7 billion over a decade
- Those are not direct penalties but rather the JCT’s estimate of the effects of the legislation’s 15% minimum corporate tax rate on workers and shareholders
- The projection does not take into account the effects of the bill’s lower prescription drug costs and tax credits for green energy and healthcare
- This could be Democrats’ last chance to pass a big budget bill without Republican support before the November midterm elections