On Thursday, August 11, 2022 at 1:16:17 PM UTC-4, TomS wrote:
https://www.finance.senate.gov/ranking-members-news/jct-democrats-proposals-increase-taxes-on-millions-of-americans-
Only one income group will see a drop in their tax rate. The largest percentage increase in taxes will come from those making less than $10k! (per Change In Federal Taxes column):
https://www.finance.senate.gov/imo/media/doc/jct_distributional_effects_inflation_reduction_act.pdf
Let's actually look beyond the spin, shall we?
First off, the cited article claims:
"In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000
—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation."
Gosh, since when is $200K/year "low- and middle-income"?
Because a quick google finds that $200,000 individual income is 97th percentile (97.4%).
So to SWAG what the per capita share of $16.7B taxes for them, ~97% of ~164.6M domestic
workers would be roughly just ~$104/year per household.
Checking the PDF, we find that only $1.4B of this $16.7B is paid for by those earning $50K or less,
who represent 55% of the workforce of 164.6M as of 2/20. As such, this clearly more "low- and
middle class" slice has a per capita share of ($1.4B/(.55*164.6M)) = $15.47 - - yup, fifteen bucks & change.
Now we have more insight on why SEN Mike Crapo (ID-R) chose to use an income of up to $200K.
-hh
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