December 20, 2021

Bloomberg: Super-Rich Americans Feel Relief as Tax Hikes Canceled for Now

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Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. An analysis by the group estimated the plan’s changes to the child tax credit and earned income tax credit would boost incomes of the poorest fifth of Americans by more than 10%. Read more