Families with kids would benefit most under Biden's proposed tax changes, report finds (via CNBCMakeIt)
At the same time, the wealthiest 1% of households will take on 'nearly all' of the tax increases in the American Jobs Plan and American Families Plan.
Twenty/20President Joe Biden's proposed tax law changes are "skewed heavily" in favor of parents, anew analysisfrom the Urban Institute's Tax Policy Center (TPC) finds.The report finds that all low-income households earning $26,000 or less would see their tax bill drop by about $620, on average, in 2022. But families with children would benefit even more from proposed tax credits and changes, paying an average of $3,200 less.
TPC's analysis takes into account many — though not all — of Biden's recent proposed tax changes in the American Jobs Plan and American Families Plan, including:Extending the(CTC), the Child and Dependent Care Tax Credit (CDCTC) and the Earned Income Tax Credit (EITC)
Raisingon high-income householdsTaxing unrealized capital gains at deathImplementing various corporate tax changes, such as increasing the corporate income tax rate from 21% to 28%That parents would receive big benefits is very much by design. Biden has made headtopics.com
a priority in his economic agenda.Most tax changes felt by the wealthiest householdsHouseholds earning $800,000 or more, or the top 1% of U.S. households, will take on "nearly all" of the tax increases, per TPC. The top 1% would pay an average of about $213,000 more in federal taxes in 2022, while the top 0.1%, or those making $3.6 million or more, would see their tax bill increase by $1.6 million on average.
But some middle class taxpayers could end up paying more as well, depending on if they have children or not, says Ben Page, senior fellow at TPC.While middle-income households on average will see their tax bill go down, it's because those with children are getting such a big break, says Page. Those without kids
would pay an average of just over $300 more in taxes in 2022, per TPC.That's mainly due to the proposed tax increase on corporations. It wouldn't be that those workers would owe the IRS more taxes, Page says. Rather, higher corporate taxes could lead to less investment in the corporate sector, translating into lower worker productivity and thus slightly lower wages.
The report also notes that if corporate tax increases are not factored into the analysis, then virtually no one earning less than $200,000 would see their tax bill increase in 2022. Those who do would mostly be wealthy heirs, who would be on the hook to pay taxes on unrealized capital gains. headtopics.com
70% U.S. adults have taken at least one dose of COVID-19 vaccine - CDC
Nearly three out of four Americans above the age of 18 have received at least one dose of a COVID-19 vaccine as of Monday, according to the U.S. Centers for Disease Control and Prevention (CDC).
Biden announces US to donate 500M vaccine doses in show of American leadershipPres. Biden announced his plan to buy an additional 500 million doses of the Pfizer vaccine to distribute to lower-income countries, increasing the U.S. commitment to fighting the pandemic across the globe, a key goal of the G-7 summit. 46th POTUS , leader of the free world , real deal here , not imitation products , knock offs mRNA vaccines are only suitable for rich countries with ultra-cold storage. No poor country can vaxx large number of people within two weeks, if you delivered these vaccines thawed. This is intentional donation to benefit the G7, not the poor. Anti-vaxxers are anti-American and anti-MAGA. Former government employee Donald Trump spent billions in taxpayer money to develop these vaccines, and just recently said: “In a certain way, I’m the father of the vaccine because I was the one that pushed it.”
Biden has scrapped Trump's plan to kick 3 million people off food stampsIn one of its latest steps to erase Trump policies, the Biden administration has withdrawn a controversial proposal that could have kicked 3 million Americans off of food stamps and cost nearly 1 million children automatic eligibility for free school meals Not to mention the 2 mill illegal invaders, by the end of the year,welcomed in by the Dims to beef up their voter base. They have to eat too,
In UK for first foreign trip, Biden to announce vaccine planMILDENHALL, England (AP) — Embarking on the first overseas trip of his term, President Joe Biden is eager to reassert the United States on the world stage, steadying European allies deeply shaken by his predecessor and pushing democracy as the only bulwark to rising forces of authoritarianism. Every much welcome move by President Joe Biden administration of providing assistance to poorer countries Lol
Biden to announce major vaccine plan in first foreign tripPresident Joe Biden to announce new vaccination initiative against Covid-19 ahead of G7 summit, showcasing his brand of US leadership before going into a difficult meeting with Russian leader Vladimir Putin next week
Keystone XL Pipeline Sponsor Abandons Project After Biden Permit BlockConstruction on the 1,200-mile pipeline began last year. this is terrible news Transporting this fuel with diesel-burning locomotives is gonna be so boss for the environment, you just don't know man
Let’s Talk About What Biden Just Did With Trump’s TikTok BanPresident Biden has revoked part of the former White House's campaign against TikTok. But the app still faces several government reviews.