In Case You Missed It: Dems Double Down on Tax Cuts for Millionaires as Inflation Surges
WASHINGTON – As the House of Representatives considers the Democrats’ multi-trillion dollar tax and spend proposal this week, the non-partisan Joint Committee on Taxation (JCT) found that the bill would provide almost seventy percent of millionaires with significant tax breaks.
JCT’s analysis joins with an earlier study by the Tax Policy Center that showed two-thirds of people making more than $1 million would see a tax cut averaging $16,760. Last week Senator Lindsey Graham (R-South Carolina), the top Republican on the Senate Budget Committee, noted the Democrats’ Reckless Tax and Spend bill is a windfall for Blue State millionaires, and comes at the expense of the American middle class.
According to the Senate Finance Committee Minority, the Joint Committee on Taxation analysis found that:
“The latest version of the Democrats’ reckless tax-and-spend bill (H.R. 5376) confirms that it gives tax cuts to the wealthy; provides fleeting and limited tax relief to low- and middle-income earners; and, violates the President’s promise to not raise taxes on anyone with income below $400,000.”
In Case You Missed It:
Joint Committee on Taxation – Most of Democrats’ Tax Cuts go to Millionaires
Graham on Biden Economic Agenda: Tax Cuts for the Rich, Inflation for the Middle Class
Tax Policy Center Analysis - Tax Cuts for Millionaires Under House Dems' Tax Plan
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