The Congressional Joint Committee on Taxation found that taxes would increase by $16.7 billion for American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion for taxpayers making between $200,000 and $500,000. During the 10-year window, the average tax rate will increase for most income brackets, the Senate GOP said, citing data from the joint committee. And by 2031, the new energy credits and subsidies will force people earning less than $400,000 to pay as much as two-thirds of the additional tax revenue collected that year, the release said. “Americans are already experiencing the consequences of the Democrats’ reckless economic policies. The misguided deflation law will do nothing to lift the economy out of stagnation and recession, but will raise billions of dollars in taxes on Americans making less than $400,000,” said Sen. Mike Crapo, R-D. Idaho who sits on The Senate Finance Committee as a ranking member and who requested the analysis. “The more this bill is analyzed by nonpartisan experts, the more we can see that Democrats are trying to sell the American people a bill of goods,” Crapo added. Manchin-Schumer plan would spend $369 billion on energy and climate initiatives.AP/J. Scott Applewhite But Democrats countered the GOP’s claims with a spokesman for Senate Finance Chairman Ron Wyden saying families “will not pay a dime in additional taxes under this bill,” according to Politico. The spokeswoman, Ashley Schapitl, also said the JCT analysis is incomplete because it “does not include the benefits for middle-class families of making health insurance and prescription drugs more affordable. So are clean energy incentives for families,” Politico reports. The Manchin-Schumer plan would spend $369 billion on energy and climate initiatives and another $64 billion to continue federal health insurance subsidies. Manchin believes the bill “doesn’t hurt any taxpayers.”Reuters/Elizabeth Frantz The measure would raise $739 billion over a decade, with much of that money coming from a 15 percent minimum corporate tax, said the New York Democrat and Senate Majority Leader of West Virginia. Manchin, in touting the bill, said he would “dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that big corporations and the ultra-wealthy pay their fair share taxes.” He told CNN on Sunday that the bill “doesn’t hurt any taxpayers.” On “Meet the Press” he said, “I agree with my Republican friends, we shouldn’t and we haven’t raised taxes.”
