Estimate: Revenues would drop before increasing under House Democrats’ tax plan

estimate revenues would drop before increasing under house democrats tax plan

Sumary of Estimate: Revenues would drop before increasing under House Democrats’ tax plan:

  • Democrats plan to raise $1 trillion over 10 years by making the federal income tax code more progressive.
  • But they won’t get the money quickly — their plan actually decreases total income tax revenues in 2023. And when the money does come, it will come from the very rich.
  • Americans making less than $40,000 per year would pay just $7.2 billion in federal income tax, down 90% from $72.3 billion under current law.
  • The top personal federal income tax rate would be 39.6%, up from 37%.

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