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Title: Senate Dem Proposal Would Hike Taxes On Lower Incomes
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URL Source: https://www.zerohedge.com/political ... would-hike-taxes-lower-incomes
Published: Aug 2, 2022
Author: Tyler Durden
Post Date: 2022-08-02 19:35:32 by Horse
Keywords: None
Views: 41
Manchin-Schumer is projected to increase taxes $11 billion more on Americans earning below $200,000 than those earning over $400,000... Senate Majority Leader Chuck Schumer (left) and Senator Joe Manchin (right) are trying to persuade Senator Krysten Sinema to support a tax increase. When Senator Joe Manchin (D-WV) went on NBC’s “Meet the Press” yesterday he said that the $700 billion climate change, energy, and health care proposal he announced last week with Senate Majority Leader Chuck Schumer would not raise taxes. “We should not increase taxes, and we did not increase taxes,” he told NBC’s “Meet the Press.” But a new study by the U.S. Congress’s nonpartisan Joint Committee on Taxation has found that not only would the legislation increase taxes, it would increase taxes by $11 billion more on Americans earning below $200,000 per year than on Americans earning between $500,000 and $1 million, in 2023. And the legislation would increase taxes by $3 billion more on Americans earning below $200,000 per year than on Americans earning between $200,000 and $500,000 per year. As such, if Democrats pass the legislation, and President Joe Biden signs it into law, it would violate the promise President Joe Biden made not to raise taxes on Americans earning less than $400,000 per year. Biden reaffirmed this promise during his State of the Union Address in March of this Year. “And under my plan, nobody earning less than $400,000 a year will pay an additional penny in new taxes. Nobody. 
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