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Democrats’ Inflation Reduction Act would RAISE taxes on Americans making less than $400,000: GOP

Senate Democrats’ Inflation Reduction Act of 2022 would raise federal taxes for Americans in every income bracket, according to a nonpartisan study shared by Republicans on the Senate Finance Committee.

If the projection proves true, it would cast doubt on President Joe Biden’s promise to not raise taxes on Americans making less than $400,000 per year.

The study by the Joint Committee on Taxation found that taxpayers bringing in less than $200,000 per year would see their taxes raised by $16.7 billion over a decade.

But the study speculates about the effect of the package’s 15 percent minimum corporate tax rate, which it suggests could be passed off onto workers and shareholders.

It also factors in possible effects on the stock market that would affect company shareholders and people who…

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