Toolkit: Here's What's in the Dems' Big Bill

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Posted by John Kartch on Friday, November 19th, 2021, 9:45 AM PERMALINK

House Democrats just passed the following:

Highest personal income tax rate in the developed world: 57.4%

Highest capital gains tax rate since the 1970s. "The average top marginal combined tax rate on capital gains would be nearly 37 percent."

Violates Biden's middle class tax pledge to oppose any and all tax hikes on Americans making less than $400k.

All 50 states will have a combined federal-state top marginal income tax rate above 50%. Eight states will pay a combined federal-state top marginal tax rate of over 60%.

87,000 new IRS auditors and agents.

50% increase in small business audits.

IRS "enforcement" funding 23 times greater than "taxpayer services."

1.2 million more annual IRS audits; about half will hit households making less than $75k.

$2.5 billion special tax handout for trial lawyers.

$8 billion home heating tax.

$1.6 billion special tax handout for media companies of any size. Each company--broadcast, print, digital--can claim the tax handout for up to 1,500 employees.


Photo Credit: "President Joe Biden Visit" by National Renewable Energy Lab is licensed under CC BY-NC-ND 2.0.