You can't imagine the problems when a few people are allowed to hoard resources?
You can't imagine the problems when a few people are allowed to hoard resources?
Thanks for the shout out, Darlene. But the Joint Committee on Taxation is a nonpartisan committee.
The adults are finally back in charge - Decreasing average after-tax income at almost every income level is a great way to make life more affordable during a period of "global inflation" and "officially not a recession"
I am not seeing any direct taxes that would affect taxpayers in income brackets that low. Must be some sort of estimated pushdown of corporate tax increases?
he wears his ignorance like a badge of honor
I am not seeing any direct taxes that would affect taxpayers in income brackets that low. Must be some sort of estimated pushdown of corporate tax increases?
Any update yet, Chris?? Please have your team of part time tax accountants earning six figures do a deep dive on the bullshit numbers reported by the JCT and let us know.
Joe Biden told us that nobody making under $400k would see a tax increase. And if history is any indication, Joe Biden's word is gold.
While the IRA proposes reforming the tax treatment of carried interest and Superfund cleanup fees, its primary tax increase is a 15 percent minimum tax on corporations’ “book” profits above $1 billion. Economists have long debated the precise portion of corporate taxes that end up falling on workers, as opposed to shareholders and other capital owners. JCT allocates the corporate tax 25 percent to labor and 75 percent to capital.
The labor portion in JCT’s model is relatively small compared to the burden faced by shareholders. But it’s enough to make the JCT distributional tables reflect tax increases among nearly all income groups in a bill where a corporate tax increase is the primary revenue source.