Ignore the Debate Over Whether the Inflation Reduction Act Raises Taxes on Those Making $400,000 Or Less

As Congress is about to pass the Inflation Reduction Act, Washington is once again having a breathless debate over very little. This one is about whether Democrats are violating President Biden’s pledge to not raise taxes on households making $400,000 or less annually. But here’s the secret: This is yet another ridiculous political argument. The … Read more

The Inflation Reduction Act Primarily Impacts Top 1 Percent of Taxpayers

In a new analysis, the Tax Policy Center finds the tax provisions of the Inflation Reduction Act (IRA) are highly progressive. Taxes would rise by $6,060 (0.3 percent of after-tax income) in 2023 for households in the top 1 percent—with incomes greater than about $1 million. Households in the top 0.1 percent (those with over … Read more

Joe Manchin Pulled The Plug On Tax Increases. What Happens Next?

Joe Manchin Pulled The Plug On Tax Increases. What Happens Next? Conservative Democrat Joe Manchin (D-WV) may have effectively sealed the fate of President Biden’s tax agenda when he said he now opposes any tax increases, new social spending, or climate change initiatives. Manchin may have doomed those tax changes not only for now but … Read more