NBC: Biden's safety net package would raise, not lower, taxes on millionaires, new estimates show
From the Speaker's Press Office:
Today, newly corrected analysis from the nonpartisan Joint Committee on Taxation refuted the latest empty attack on the Build Back Better Act from Republicans who proudly added $2 trillion to the deficit with their GOP tax scam for the rich. While Republicans rage against cracking down on millionaire tax cheats and finally making big corporations and the wealthiest pay their fair share of taxes, the JCT’s work affirms how the Democrats’ Build Back Better Act will dramatically cut taxes for people making less than $400,000 and increase taxes on those making more than $1 million.
See below for key points from NBC News’ write up on the nonpartisan analysis:
- President Joe Biden's Build Back Better package would raise, not lower, taxes on the wealthiest Americans, according to the nonpartisan Joint Committee on Taxation in a major correction from the group's original analysis.
- The committee an official scorekeeper of tax-related legislation, originally estimated that the $1.7 trillion safety net and climate change bill would give people making over $1 million a year a net tax cut in 2022. The revised estimates released Tuesday suggested that taxes on $1 million in income would go up by 3.2 percentage points next year.
- "The staff of the Joint Committee on Taxation has discovered an error in the calculation of the average tax rate for calendar year 2022 for taxpayers with incomes in excess of $500,000," its website said.
- The new analysis shows the average tax rate for millionaires going up by 4.1 percentage points in 2023 and 3.3 percentage points in 2025.
The Build Back Better Act cuts costs for families, fights inflation, reduces the deficit by more than $100 billion, creates millions of good-paying jobs – and is fully paid for by making big corporations and the wealthiest pay their fair share.