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

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

WASHINGTON—Households making at the very least $1 million in earnings would face a ten.6% tax improve in 2023 below Home Democrats’ plan, elevating their common federal tax price to 37.3% from 30.2%, in response to the nonpartisan Joint Committee on Taxation.

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



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