America's richest will pay an extra $1.5million in taxes EACH if Biden's sweeping tax hikes are approved by Congress, new analysis finds
If President Joe Biden's massive spending proposal passes, the top 0.1% of earners could end up paying an additional $1.56 million each in taxes next year An Urban-Brookings Tax Policy Center analysis show those int he top 1 per cent would pay an additional $213,530 and the top 4 per cent would pay $5,090 more Republicans don't favor Biden's 'human infrastructure' plan because it is funded by tax hikes and includes a slew of expansions of social welfare programs These programs include free community college, universal pre-K, bolstered elderly and disabled care and child tax credits for low, middle-income families By Katelyn Caralle, U.S. Political Reporter For Dailymail.com
Published: 20:58 BST, 5 July 2021 | Updated: 20:58 BST, 5 July 2021
The wealthiest American earners could pay $1.5 million more in taxes, according to a new analysis based on if Congress passes Joe Biden’s proposed tax hikes to pay for his so-called ‘human infrastructure’ plan.
The nonpartisan Urban-Brookings Tax Policy Center found that the top 0.1 per cent of Americans – those who earn $3.6 million or more – would pay another $1.56 million each in federal taxes each year on top of the taxes they already pay.
This increase would cause the biggest earners in the U.S. to lose 16.8 per cent in after-tax income.
If Biden’s hikes are approved by Congress, according to the analysis, those in the top 1 per cent would pay an additional $213,530 in taxes while those in the top 4 per cent would pay $5,090 more per year.
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