President Joe Biden promised on Thursday that the so-called Inflation Reduction Act wouldn’t raise taxes on Americans making less than $400,000 a year. But, in fact, the bill would increase taxes collected from the American people by more than half a trillion dollars, affecting both rich and poor alike.
The massive tax and spending bill—negotiated by Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer, D-N.Y.—centers around green energy subsidies and regulations, drug pricing regulations, an extension of expanded Obamacare subsidies, added funding to the IRS for audits and enforcement, and new taxes.
The largest tax provision in the bill is a new corporate minimum tax. The Joint Committee on Taxation scored the corporate minimum tax as a $313 billion tax hike between 2023 and 2031. Separate government forecasts have projected that the $80 billion of additional funding directed to the IRS would increase tax collections by about $200 billion over the same period (or $120 billion on net).
read more here: https://www.dailysignal.com/2022/08/03/the-manchin-schumer-taxes-would-hit-both-rich-and-poor-americans/?
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