Our Finance Guide
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
Our Finance Guide
No Result
View All Result
Home Tax

Biden’s safety net package would raise, not lower, taxes on millionaires, new estimates show

admin by admin
November 25, 2021
in Tax
0
Does the IRS really want to spy on your bank account? The latest tax fight explained

WASHINGTON — President Joe Biden’s Build Back Better package would raise, not lower, taxes on the wealthiest Americans, according to the nonpartisan Joint Committee on Taxation in a major correction from the group’s original analysis.

The committee an official scorekeeper of tax-related legislation, originally estimated that the $1.7 trillion safety net and climate change bill would give people making over $1 million a year a net tax cut in 2022. The revised estimates released Tuesday suggested that taxes on $1 million in income would go up by 3.2 percentage points next year.

Related articles

Score Payday loans Relief into the Denver, Texas within the super easy

Where Is the Economy Heading? Velocity of Money Provides Clues

The discrepancy stems from the bill’s changes to the state and local tax deduction — known as SALT — which Democratic leaders added at the last minute in order to secure the votes of lawmakers from New Jersey, New York and California. The bill would lift the cap on state and local tax deductions from $10,000 to $80,000.

The SALT cap was created by the Republicans’ 2017 tax bill and seen as a way to cut taxes on corporations while offsetting it with an increase on property owners in liberal-run states, where local tax rates were higher.

The committee’s analysis before the correction found that the SALT provisions would give two-thirds of people making more than a million dollars a year a tax cut.

“The staff of the Joint Committee on Taxation has discovered an error in the calculation of the average tax rate for calendar year 2022 for taxpayers with incomes in excess of $500,000,” its website said.

 

Read more…

admin

admin

Related Posts

Score Payday loans Relief into the Denver, Texas within the super easy

You can find forms of cash advance save one to Texas citizens can use to save money. Cash advance will appear to be what you want...

Where Is the Economy Heading? Velocity of Money Provides Clues

Retiring in a Slowing Economy? 3 Steps Can Help You PrepareVelocity of money is the rate at which money is being spent in the economy. It...

The Surprising Asset You Can Use for Tax-Loss Harvesting

Bonds have taken a beating in 2022, but the damage to your portfolio may be less than meets that eye, provided you handle those losses in...

City Council may consider a small property tax hike

Evanston City Council members may be returning to consider a small property tax increase to put police and fire pension funds on a 100% track toward...

Business Tax Credits Your Business May Qualify For

One of the most complicated parts of running a small business is figuring out your taxes. Most business owners are worried about ensuring they pay enough...

Next Post
3 Things You Should Know About Your Credit Cards

3 Things You Should Know About Your Credit Cards

What You Should Know About the S&P 500 Before You Invest

What You Should Know About the S&P 500 Before You Invest

ECB Is Said to Consider Firm Limits on Riskiest Leveraged Loans

ECB Is Said to Consider Firm Limits on Riskiest Leveraged Loans

No Result
View All Result

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

RECOMMENDED

Secured credit cards: How they work and why they’re easier to get
Credit Cards

Secured credit cards: How they work and why they’re easier to get

Banks Are Giving the Ultra-Rich Cheap Loans to Fund Their Lifestyle
Loans

Banks Are Giving the Ultra-Rich Cheap Loans to Fund Their Lifestyle

CATEGORIES

  • Credit Cards
  • Investing
  • Loans
  • Tax
  • Uncategorized

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

© 2022 Our Finance Guide, All Rights Reserved.

  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing

© 2022 Our Finance Guide, All Rights Reserved.