The White House is dubbing the projections of a nonpartisan congressional committee that the Inflation Reduction Act would effectively raise taxes for many Americans 'incorrect' and 'incomplete.'
brokered by Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin would slightly increase tax rates overall for a number of income groups making less than $400,000. Republicans, who requested the report, have pointed out that President Biden has pledged not to raise taxes on Americans earning less than $400,000.
The plan calls for $369 billion for climate and energy security proposals, as it raises taxes on the country's largest corporations. It also empowers Medicare to negotiate the price of prescription drugs beginning in the year 2023. Democrats say the legislation will reduce the deficit by about $300 million.
The White House has long argued that it is the bottom line of a family's budget that matters when proposing potential spending packages. from the Wharton School of the University of Pennsylvania, which estimates the plan would reduce deficits by $248 billion over the budget window, slightly increase inflation until 2024, and decrease inflation after that.
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