{"id":138783,"date":"2021-09-14T19:31:15","date_gmt":"2021-09-14T19:31:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138783"},"modified":"2021-09-14T19:31:15","modified_gmt":"2021-09-14T19:31:15","slug":"democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel\/","title":{"rendered":"Democrats' tax plan would cut bills for most Americans -congressional panel"},"content":{"rendered":"

WASHINGTON (Reuters) – U.S. tax code changes sought by Democrats in the House of Representatives to help finance $3.5 trillion in domestic investments would cut annual tax bills for Americans earning less than $200,000 a year through 2025, a congressional estimate showed on Tuesday.<\/p>

FILE PHOTO: The U.S. Capitol Building is pictured in Washington, U.S., August 20, 2021. REUTERS\/Elizabeth Frantz<\/figcaption>

The bipartisan congressional Joint Committee on Taxation estimated that those in lower-income brackets would pay far less in taxes in 2023 under the Democratic plan, which is being debated this week in the tax-writing House Ways and Means Committee.<\/p>\n

At the other end of the income scale, tax collections from those earning over $200,000 would rise slightly in 2023, escalating to a 10.6% increase for people earning $1 million and more, the committee said.<\/p>\n

By 2027, however, those earning between $30,000 and $200,000 would start to see slightly higher tax bills, according to the estimate.<\/p>\n

Democrats in coming weeks are trying to push the $3.5 trillion bill through Congress to carry out President Joe Biden\u2019s agenda of expanding social services for the elderly, children and others and to address climate change.<\/p>\n

They have pledged to offset the costs mainly through tax increases on the wealthy and corporations.<\/p>\n

But Republicans have argued that the Democratic plan will result in higher taxes for middle-class people, as well as the rich.<\/p>\n

Amid a wall of Republican opposition, Democrats are maneuvering to win passage on their own through a budget \u201creconciliation\u201d process that would allow their measure to advance in the 100-member Senate by a simple majority, instead of the 60 normally required.<\/p>\n

The Senate is split 50-50 between Democrats and Republicans.<\/p>\n

Republicans argue that the tax proposals and huge new spending over the next decade would fuel rampant inflation, the loss of jobs and an economic contraction.<\/p>\n

But the committee\u2019s figures do not indicate that middle- and low-income Americans would be hit by the changes, at least in its early years.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON (Reuters) – U.S. tax code changes<\/p>\n","protected":false},"author":3,"featured_media":138782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nDemocrats' tax plan would cut bills for most Americans -congressional panel - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democrats' tax plan would cut bills for most Americans -congressional panel - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON (Reuters) – U.S. tax code changes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-14T19:31:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Democrats-tax-plan-would-cut-bills-for-most-Americans-congressional-panel.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel\/\",\"url\":\"https:\/\/precoinnews.com\/business\/democrats-tax-plan-would-cut-bills-for-most-americans-congressional-panel\/\",\"name\":\"Democrats' tax plan would cut bills for most Americans -congressional panel - 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