President Joe Biden speaks in the Eisenhower Executive Office Building in Washington, D.C., on Wednesday, April 7, 2021.
Leigh Vogel | Bloomberg | Getty Images
David Henderson via IPI on the Inflation Reduction Act:
The Joint Committee on Taxation (JCT) has done its job, estimating the increase in taxes for people in each income group.
People with income between $75,000 to $100,000 will see their average tax rate rise from 15.8 percent to 16.0 percent. The average tax rate for people with income between $100,000 and $200,000 will rise from 19.1 percent to 19.4 percent, and between $200,000 and $500,000 will rise from 24.1 percent to 24.4 percent.
President Biden is eager to sign this bill, assuming it passes. So much for his campaign promise not to increase taxes on people making under $400,000.