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Biden Bill Has Tax Cut for Mere Millionaires, Hike for Mega Rich

Laura Davison | Bloomberg | Nov 23rd, 2021
Category: Financial News

  • Congressional scorekeepers update data on Democrats’ bill
  • Tax results for rich depend on income level, how they earn it

For millionaires trying to decipher if they will pay more or less in taxes under President Joe Biden’s Build Back Better plan, the answer largely depends on just how much income they get, and how it’s earned.

Millionaires would collectively pay a higher average tax rate next year -- 33.1%, up from 29.9% -- under the version of the Build Back Better Act passed by the House last week, according to new data released Tuesday by the the congressional tax scorekeeper, the Joint Committee on Taxation.

The data corrects an earlier analysis that showed those earning more than $1 million would pay a lower average tax rate if the bill were to become law. Democrats lauded the JCT’s correction, saying it shows the rich would pay more under their plan.

 

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