The poorest Americans will pay more in taxes as a result of Democrats' inflation bill, a nonpartisan analysis concluded, despite President Biden's past pledges.
Rep. Roger Williams, R-Texas, discusses the impact of Sens. Manchin and Schumer's deal on small businesses, the semiconductor bill and the Republicans' response to Democrats' spending.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.
The Inflation Reduction Act, though, boosts Internal Revenue Service enforcement, a provision that is expected to increase federal tax revenue by $124 billion. The bill also creates a minimum corporate tax rate of 15% which is expected to boost federal tax revenue by $313 billion."The proposed corporate alternative minimum tax is the largest revenue raising provision in the analysis," Thomas Barthold, the JCT's chief of staff, told FOX Business in an email.
President Joe Biden removes his mask as he delivers remarks on the Inflation Reduction Act of 2022 at the White House on July 28, 2022.
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