WASHINGTON – Senator Bill Cassidy, M.D. (R-LA) today released a statement after the Joint Committee on Taxation (JCT) released a new analysis on Democrats’ reckless tax-and-spending spree confirming it gives significant tax cuts to the wealthy, provides fleeting and limited tax relief to low- and middle-income earners, and violates the president’s promise to not raise taxes on anyone earning below $400,000 a year. The non-partisan analysis found Democrats’ plan will pay for tax cuts on the rich by raising taxes on the middle class. Additionally, the analysis discredits Democrats’ false claim that their plan will cost “zero dollars.”
“This report confirms what the American people already know. Democrats’ reckless tax-and-spending spree adds to the national debt while raising taxes on everyday families, ” said Dr. Cassidy. “When they say this bill takes care of working families, grab your wallet.”
Key findings of the report include:
- Less than a third of those earning between $20,000 and $100,000 will receive a significant tax cut (greater than $500) in the first year.
- Two thirds of those earning more than $1 million, and nearly 90 percent of those earning between $500,000 and $1 million will receive a significant tax cut in the first year.
- Many of the tax cut provisions for the middle and lower class, like the Child Tax Credit expansion, are watered-down, only in effect for one year, or are not set to take effect until 2023.
- The majority of the tax revenue raised will come out of the pockets of those earning under $400,000, breaking President Biden’s pledge that not to raise taxes on those earning under $400,000.