Most millionaires to get tax cuts from Biden bill, independent analysis finds

Two-thirds of people earning more than $1 million annually would receive tax cuts under President Joe Biden’s “Build Back Better” plan, a nonprofit think tank concluded.

The Tax Policy Center released its analysis of Democrats’ $1.85 trillion spending package and found that most of the wealthy will have a smaller tax bill if it is passed as it is currently outlined.

Among those making over $1 million, only 34.2% will see their taxes increase, while the rest will get tax cuts. Additionally, nearly 80% of those earning between $500,000 and $1 million will see their tax bill shrink by an average of about $6,000 per year.

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Author: HP McLovincraft

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