Poorer Americans get big tax cuts under Democratic plan while the rich get hikes
Low-income earners would get a big tax break if legislation proposed by House Democrats this week becomes law, while the tax burden for top earners would get heavier.
Taxpayers making above $1 million would see an 11% tax increase to their federal taxes under the House Ways and Means Committee plan, according to an estimate by the Joint Committee on taxation. On the other end, the tax liability for those making below $40,000 would drop by at least 24% — with much of the break coming in the form of tax credits.
“The plan very effectively...