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.Insurance Loans Mortgage Attorney Credit Lawyer
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.
If President Joe Biden's massive spending proposal for his Build Back Better economic agenda passes, the top 0.1 per cent of earners in American could end up