Democrats Tax Hike Proposal Will Overwhelmingly Be Paid By People Earning Under $100K - JCT

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Posted on Monday, September 27th, 2021, 2:02 PM PERMALINK

New data released today by Congress's  Joint Committee on Taxation (JCT) showed what we have known since the very beginning: The Congressional Democrats plan to hike the tobacco tax, and increase taxes on lifesaving reduced risk tobacco alternatives, will be overwhelmingly paid by some of the poorest in society, and is a blatant violation of President Biden's pledge to not raise taxes on Americans earning under $400,000.

According to the JCT, over a quarter of money raised will come from persons earning under $30,000,  77.5% of people who will be hit with these taxes make under $100,000/year, while 94.3% make under $200,000 a year.

Fortunately, some Democrats such as such as Rep. Steven Horsford (D-NV) have "raised concerns that it would hit those with lower incomes the hardest".  Hopefully this new data will help convince his colleagues to honor President Biden's pledge. 

 

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