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Tuesday, November 30, 2021

Build back better, now with higher taxes for the rich!

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White House Chief of Staff Ron Klain was succinct in reacting on behalf of the administration.

The House bill gives a lower rate to people who earn between $ 500,000 and $ 1 million because it restores the cap. state and local tax deductions (SALT) from $ 10,000 to $ 80,000. The deduction limit was set in the 2017 Republican tax scam to punish residents of the blue state who pay those higher taxes. That is, unless the Senate makes changes to that provision. In the bill they received from the House, the deduction is capped at $ 80,000.

The bill would impose a minimum tax of 15 percent on corporate reported profits of $ 1 billion that are estimated to raise $ 319 billion, according to a Congressional Progressive Caucus. fact sheet. The bill also raises more than $ 120 billion through a share buyback tax. It also has a 5% markup for those earning more than $ 10 million with an additional 3% for those earning more than $ 25 million, the top 0.02%. The bill would also set a rate of 28% on long-term capital gains and dividends, up from 20%. It awards $ 79 billion in new funding to the IRS so it can go after cheaters, the top 1% that evades as much as $ 160 billion a year.

On the other hand, it offers breaks for low-income taxpayers, extending the improved Child Tax Credit provided through the American Rescue Plan ($ 300 per month for each child under 6 years old and $ 250 per month for children from 6 to 17 years old) until 2022. Makes the credit fully refundable
permanently. It also extends the Enhanced Earned Income Tax Credit through 2022, reducing the tax burden for roughly 17 million low-wage workers.

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