DAA Daily

America’s Wealthiest Top 1% Will Pay a Million Dollars or More Under New Democratic Tax Plan

By Saransh Raina, Staff reporter, The Pawprint

House Democrats have floated a suite of tax hikes and changes to pay for the $3.5 trillion reconciliation bill and, by design, America’s highest earners will pony up the most.

A new analysis from the Tax Policy Center finds that the top 1% and top 0.1% would see particularly hefty hikes under the latest proposal, while lower-earning parents would benefit from tax cuts.

Democrats are using a few methods to target high earners. They propose increasing the income tax rate to 39.6% for individuals who earn over $400,000.

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