Biden’s Budget Would Raise Taxes On High-Income Households, Cut Them For Many Others

Including all tax changes in 2024, Biden would increase average after-tax incomes by nearly $600, or 3.2% for the lowest-income households, who will make about $31,000 or less. Middle-income households, those making between about $60,000 and $107,000, would effectively see no change in their average after-tax incomes.

The top 1%, with at least roughly $1 million in income, would pay an average of $300,000 more than under current law, dropping their after-tax incomes by 14%. Those in the top 0.1% would pay almost $2 million more on average, a 20% reduction in after-tax incomes.the lowest-income households would see their after-tax incomes rise by an average of about $650 or 3.6%. Middle-income households would pay about $500, or roughly 0.7%, less on average. The highest 0.1% would pay an average of $1.

By contrast, individual income, payroll, and estate taxes alone would raise taxes on only about 2% of households. And nearly all of them will make $410,000 or more. Nearly 40% of the lowest-income households and almost one-quarter of middle-income households would get a tax cut.and the Earned Income Tax Credit, both of which primarily benefit low- and moderate-income households.

Finally, as investors and highly paid workers, high-income households would pay a larger share of Biden’s proposed corporate income tax increases. They include a higher corporate income tax rate and tough new tax rules on U.S.-based multinational corporations. The president is nothing if not consistent. As Biden has made clear since his 2020 campaign, he wants to raise taxes substantially on high-income households and corporations and provide modest tax cuts to low- and moderate-income households. And, like it or not, that’s what his budget does.

How about not giving away free money to people for things they chose to do and don't play tax games.

Don't need the raise/cut rhetoric. How about just remove loopholes.

🤔

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