"Taking into account all major tax provisions, roughly 20 percent to 30 percent of middle-income households would pay more in taxes in 2022," according to the Tax Policy Center. Nevertheless, the Tax Policy Center’s analysis determined the spending bill’s provisions would on average cut taxes "for nearly all income groups in 2022." When examining direct taxes alone, identified as individual income taxes and payroll taxes, the analysis found most income groups would see a cut on average. "The plan also would cut 2022 taxes on average for every income group except those in the top 1 percent. The center noted its analysis was based on the same version of the spending bill that the Joint Committee on Taxation analyzed on Nov. 4.

Source: Fox News November 12, 2021 07:48 UTC