Republicans on Senate Finance Committee object to Biden tax cut plan

0
45

The Republican leader on the U.S. Senate Finance Committee issued a statement on the tax cut bill recently approved by the House Ways and Means committee, citing a recent analysis by the Joint Committee on Taxation.

© Shutterstock

The analysis showed that while the majority of Americans making less than $400,000 will see tax decreases under the plan, some in the $200,000 to $500,000 earning category could see increases according to the non-partisan Joint Committee on Taxation report – although it is not clear how much in that bracket is from those making over $400,000.

“The Tax Cuts and Jobs Act cut taxes across all income groups, especially for the middle class,” Sen. Mike Crapo (R-ID), ranking member on the Senate Finance Committee, said. “This nonpartisan analysis shows that less than a third of all Americans will benefit from Democrats’ tax plans, with more than two thirds either experiencing no benefit or facing immediate tax hikes. The middle class and small businesses in particular will be getting very little—except for more taxes.”

If taxes do increase for some Americans making under $400,000, Crapo said President Joe Biden would be breaking his pledge to not raise taxes on those under making less than that amount.

The post Republicans on Senate Finance Committee object to Biden tax cut plan appeared first on Financial Regulation News.