Build Back Better Will Cut Taxes For All But the Top 1% of Pennsylvanians
Thanks to our friends at the Institute on Tax and Economic Policy, we have new data on the impact of the tax changes in the Build Back Better plan that is under consideration in the House of Representatives as I write. The first table looks at the average change in taxes for families in seven income groups that would occur as a result of all the provisions of the bill as well as due to different parts of the billāthe corporate tax changes, the income tax increase for some individuals, the state and local tax (SALT) cap adjustment, and the Child Tax Credit and Earned Income Tax Credit. As you can see, those in the bottom 20% of families, with an income under $22,400 and an average income of $12,900 will save an average of $1,070 a year. Every group above them receives a smaller average tax cut except theā¦ Continue reading