Democratic tax plan hits million-dollar families hardest, analysis shows

Democratic tax plan hits million-dollar families hardest, analysis shows

WASHINGTON—Families with incomes of at least $1 million will face a 10.6% tax increase in 2023 under House Democrats’ plan for their average federal tax rate of 30.2, according to the nonpartisan Joint Committee on Taxation. % will increase to 37.3%.

NS committee analysis, released on Tuesday, shows that low-income households will get a significant tax cut from the proposal for the first few years, largely because of the extension of the Extended Child Tax Credit.

LEAVE A REPLY

Please enter your comment!
Please enter your name here