The agreement on energy and health care of the senses. Joe Manchin and Chuck Schumer would raise taxes on millions of Americans earning less than $400,000 a year, Senate Republicans said, citing nonpartisan data.
The Congressional Joint Committee on Taxation found that taxes would increase by $16.7 billion for US taxpayers earning less than $200,000 in 2023 and yield an additional $14.1 billion for taxpayers earning between $200,000 and $500,000. .
During the 10-year window, the average tax rate would increase for most income categories, the Senate GOP said, quoting the data of the joint committee. And by 2031, the new energy credits and subsidies would make people earning less than $400,000 pay two-thirds of the extra tax revenue collected that year, the statement said.
“Americans are already bearing the brunt of the Democrats’ reckless economic policies. The mislabeled ‘Cut Inflation Act’ will do nothing to pull the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans earning less than $400,000,” said Sen. Mike Crapo, a Republican from Idaho who sits on the Senate Finance Committee as a ranking member, and who requested the analysis.
“The more this bill is analyzed by unbiased experts, the more we can see that Democrats are trying to sell the American people a bill,” Crapo added.
But Democrats oppose the GOP’s claims with a spokesman for Senate Finance Chairman Ron Wyden saying families “won’t pay a penny in additional taxes under this bill,” according to Politico. .
Spokesperson Ashley Schapitl also said the JCT’s analysis is not comprehensive because “it does not include the benefits to middle-class families of making health insurance premiums and drugs on prescription more affordable. The same goes for clean energy incentives for families,” Politico reported.
The Manchin-Schumer plan would spend $369 billion on energy and climate initiatives and another $64 billion to maintain federal health insurance subsidies.
The measure would raise $739 billion over a ten-year period, with much of that money coming from a 15% minimum corporate tax, said the West Virginia Democrat and Senate Majority Leader. from New York.
Manchin, touting the bill, said he would “dedicate hundreds of billions of dollars to deficit reduction by adopting tax policy that protects small businesses and working-class Americans while ensuring that big business and the ultra-wealthy pay their fair share share of taxes”.
He said on CNN Sunday the bill is “not to impose a burden on taxpayers of any kind.”
In “Meet the Press” he said, “I agree with my Republican friends, we shouldn’t raise and we haven’t raised taxes.”