President Joe Biden's Build Back Better package would raise, not lower, taxes for millionaires, according to the nonpartisan Joint Committee on Taxation in a major correction from the group's original analysis.
released Tuesday suggested that taxes on $1 million in income would go up by 3.2 percentage points next year.
The SALT cap was created by the Republicans’ 2017 tax bill and seen as a way to cut taxes on corporations while offsetting it with an increase on property owners in liberal-run states, where local tax rates were higher. "The staff of the Joint Committee on Taxation has discovered an error in the calculation of the average tax rate for calendar year 2022 for taxpayers with incomes in excess of $500,000," its website said.
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