However, Biden has repeatedly pledged that Americans earning less than $400,000 per year would not experience any tax increase during his presidency. In addition, the share of tax revenue collected from all Americans making more than $200,000 per year would remain at the current percentage, according to the JCT. The Inflation Reduction Act, though, boosts Internal Revenue Service enforcement, a provision that is expected to increase federal tax revenue by $124 billion. The bill also creates a minimum corporate tax rate of 15% which is expected to boost federal tax revenue by $313 billion. That's a regressive tax increase on poor people that raises their energy costs, raises the price of gasoline."

Source: Fox News August 02, 2022 06:08 UTC