The Inflation Reduction Act wouldn't impose new taxes on families earning less than $400,000, its supporters say.
paves the way for some tax changes that have long been on President Biden's agenda. Whether the proposal could affect you may depend on your income, your job and where you live.
To pay for this, the bill would make changes to the IRS and the tax code to raise $739 billion, with about $300 million left over to help reduce the deficit. That's a lot of new tax revenue, which prompts the question of who could end up paying more in taxes if the measure becomes law. "The on-again-off-again negotiations over the proposed #BuildBackBetter tax increases on corporations and high-income earners appears to be… on again," the Tax Foundation noted in a tweet.
However, some higher-income Americans could end up paying more to the IRS under the bill's plan to beef up the agency to go after people who are skirting the nation's tax laws.
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