The ‘big, beautiful bill’
We’ve got two sets of numbers to dig into today. The first comes from Sen. Elizabeth Warren (D-Massachusetts) and the Joint Committee on Taxation. Warren during a recent Senate vote-a-rama proposed amendments to let the Tax Cuts and Jobs Act tax rates expire for uber-wealthy filers. The amendments began with folks who made $10 million in taxable income in a year, then $100 million, then $500 million, then $1 billion.
All those amendments died during the vote-a-rama, but Warren asked the Joint Committee on Taxation to do a fun exercise (well, I thought it was fun) to see how many filers would actually fall into those brackets.
- Filers with more than $10 million in yearly taxable income: 30,551
- With more than $100 million: 1,049
- With more than $500 million: 83
- And more than $1 billion: 33
In total, that’s 31,000-some filers out of 124.3 million that filed taxes in 2022 — or 0.02 percent.
“Republicans in Congress are bending over backwards to make life easier for a tiny fraction of the wealthiest Americans and corporations at the expense of working families,” Warren told me.
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Read the full article here.
By: Jacob Bogage
Source: Washington Post
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