HomeBusinessDoes the Inflation Reduction Act violate Biden’s $400,000 tax pledge?

Does the Inflation Reduction Act violate Biden’s $400,000 tax pledge?

Jim Watson | Afp | Getty Images

Senate Democrats’ package of climate change, health-care, drug pricing and tax measures unveiled last week has proponents and opponents debating whether the legislation violates a pledge President Joe Biden has made since his presidential campaign, to not raise taxes on households with incomes below $400,000 a year.

The answer isn’t quite as simple as it seems. 

“The fun part about this is, you can get a different answer depending on who you ask,” said John Buhl, an analyst at the Tax Policy Center. 

More from Personal Finance:
Embryos can count as dependents on Georgia state tax returns
Would you be included in student loan forgiveness?
Remote work is helping fight inflation

The White House has used $400,000 as a rough dividing line for the wealthy relative to middle and lower earners. That income threshold equates to about the top 1% to 2% of American…

Read more at www.cnbc.com

- Advertisment -

Most Popular