{"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> 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