Only the 'lucky few' will pay higher taxes under Biden's plan, analysis finds

[LetMyPeopleVote]

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President Joe Biden is planning to raise revenue to fund his infrastructure plans through numerous tax hikes that would mostly hit the top 0.7% of Americans, a new analysis found.

“The vast, vast majority of the population will not see any tax increases,” Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy and co-author of the report, told Yahoo Money. “This plan would really just ask the people who've been very, very successful and have done very well throughout recessions and pandemics… ask those lucky few to pay more.”

These Americans would see their tax bill increase by $159,000 on average in 2022 because of Biden’s main proposals to increase the capital gains rate and raise the top income tax rate, according to the analysis by ITEP. By contrast, the bottom 95% of taxpayers would see no change to their tax bill in 2022 if the proposals are implemented.

[brooklynite]

1. I'm not complaining...

[JT45242]

2. Sounds good to me -- could even slide down a little lower

As someone whose family income falls in the middle, I could even suggest lowering the threshhold from the top 0.7% to the top 3% or even top 5% since they have overwhelmingly gotten the benefits from all the post Reagan tax cuts.

I would also do away with cap on social security that would slide further down the family scale but that can come later.

[Walleye]

3. I have always said that complaining about taxes is just a way of bragging about your income

[duforsure]

4. Doesn't the rest of us see tax reductions as well?

I thought I saw something about that the other day, where the poor and middle class would have slight reductions.