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Does Biden Tax Plan Affect Those With Income Below $400,000? It Depends on Your Frame of Reference
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Monthly Child Tax Credit Payments Start July 15 Here s What Parents Need to Know
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Why Some Families May Want to Opt Out of the Child Tax Credit Payments Starting in July
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By Greg Iacurci, CNBC •
Updated 1 hour ago
Samuel Corum | Getty Images News | Getty Images
The top 1% of households would see a tax increase of more than $213,000, on average, in 2022 if Congress passes President Joe Biden s proposed tax plan, according to the Urban-Brookings Tax Policy Center.
The plan raises the top capital-gains tax rate and the top marginal income tax rate, for example.
Low and middle earners would get tax cuts of about $600 and $300, respectively. Households with kids would get a bigger average tax break.
The top 1% would see their federal taxes rise by more than $213,000, on average, next year as a result of President Joe Biden s tax plan, according to an analysis published Wednesday by the Urban-Brookings Tax Policy Center.