Politico: Not rich? Good news: You’re probably getting a tax cut.
Click here, here and here to see related stories online.
President Joe Biden is preparing to unveil another tranche of tax increase proposals, including hiking the top marginal income tax rate and upping levies on capital gains.
By BRIAN FALER
Everyone knows that Democrats want to raise taxes on the rich, but what hasn’t gotten nearly as much notice is how much they’ve cut them for most everyone else — substantially more than Republicans did in the first year of their 2017 tax overhaul.
New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes.