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Democratic Tax Plan Would Hit Million-Dollar Households Hardest, Analysis Shows

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WASHINGTON—Households making not less than $1 million in earnings would face a ten.6% tax enhance in 2023 beneath Home Democrats’ plan, elevating their common federal tax fee to 37.3% from 30.2%, based on the nonpartisan Joint Committee on Taxation.

The committee analysis, launched Tuesday, exhibits that low-income households would get important tax cuts from the proposal for the primary few years, largely due to the extension of the expanded youngster tax credit score.

https://www.wsj.com/articles/democratic-tax-plan-would-hit-million-dollar-households-hardest-analysis-shows-11631642359?mod=pls_whats_news_us_business_f | Democratic Tax Plan Would Hit Million-Greenback Households Hardest, Evaluation Exhibits

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