WASHINGTON — President Joe Biden's Build Back Better package would raise, not lower, taxes for millionaires, according to the nonpartisan Joint Committee on Taxation in a major correction from the group's original analysis. The committee an official scorekeeper of tax-related legislation, originally estimated that the $1.7 trillion safety net and climate change bill would give millionaires a net tax cut in 2022, but the revised estimates released Tuesday show millionaires' average tax rate going up by 3.2 percentage points next year. = The discrepancy stems from the bill's changes to the state and local tax deduction — known as SALT — which Democratic leaders added at the last minute in order to secure the votes of lawmakers from New Jersey, New York and California. The bill would lift the cap on state and local tax deductions from $10,000 to $80,000. The SALT cap was created by the Republicans’ 2017 tax bill and seen as a way t . . . read the full article here.
Keywords: net, lower, millionaires, taxes, local, rate, estimates, package, safety, points, percentage, bill, tax, salt, committee, bidens, raise
DATE: 2017, 2022, 2025, Tuesday, Christmas, Last week, next year, calendar year 2022
NORP: Democratic, Republicans
TIME: the last minute
MONEY: 10,000, 80,000, 500,000, $1.7 trillion
CARDINAL: 3.2, 3.3, 4.1, 2023, two-thirds, more than a million dollars