Republicans have criticized a Democratic bill in the Senate for raising taxes on virtually everyone. Many Americans would see gains that cancel out the new taxes.
By Louis Jacobson • August 5, 2022
Also important for a broad range of Americans would be the drug-negotiation provision for Medicare, although the impact might take longer to land than for the other provisions. Some households could be hit by both impacts. For instance, members of a household might see lower returns on the stock investments in their 401 retirement plans and lower wages.
"Taxes due or paid will not increase for any family making less than $400,000 a year," they wrote."And the extra taxes levied on corporations do not reflect increases in the corporate tax rate, but rather the reclaiming of revenue lost to tax avoidance and provisions benefitting the most affluent."Laxalt said the Democratic bill would"increase taxes on millions of Americans across every income bracket.
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