U.S._ Biden’s social welfare bill estimated to raise taxes 30% on middle class, cut them for millionaires

THE WASHINGTON TIMES

Biden’s social welfare bill estimated to raise taxes 30% on middle class, cut them for millionaires

President Joe Biden greets people after speaking during a visit at the Port of Baltimore, Wednesday, Nov. 10, 2021. (AP Photo/Susan Walsh) **FILE** more >


By Haris Alic - The Washington Times - Friday, November 12, 2021


President Biden‘s mammoth social welfare and climate change bill is poised to raise taxes on the middle class, while giving lucrative breaks for the super-wealthy, according to a new study.

Nearly 30% of lower- and middle-class households would pay more in taxes starting next year if the bill became law, according to the study by the liberal-leaning Tax Policy Center, a project of the Brookings Institution and Urban Institute. The report is an in-depth analysis of the tax increases that House Democrats want to see included in the multitrillion-dollar legislation.

Although the tax increases start small, they grow massively by the end of the decade.

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READ MORE: https://www.washingtontimes.com/news/2021/nov/12/bidens-social-welfare-bill-estimated-raise-taxes-3/

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