Republicans insist that the Inflation Reduction Act would raise taxes “on almost every American.' Here's why that’s not even close to being true. - MaddowBlog
, the JCT didn’t find that the bill would raise middle-class taxes, but it did offer Republicans a point that was easily exploited.
The complication that enters the picture is that the JCT, like other economic modelers, tries to project how the burden of a tax increase is borne. The agency used to assume that corporate tax increases are borne entirely by shareholders in the firms that pay the tax. In 2013, the agency changed its modeling assumptions and now assumes that corporate tax increases are not borne entirely by shareholders.
In other words, because the Democrats’ reconciliation package would require many large corporations to pay more, the Joint Committee on Taxation — looking only at part of the bill — made an educated guess about those corporations possibly, at some point in the future, lowering incomes. This, according to Republicans and their allies, constitutes a “tax increase” — despite the meaning of the words “tax” and “increase.”on the chamber floor yesterday, “[O]ver the past few days, we’ve heard Republicans go back to their timeworn attacks that they use against virtually any Democratic policy.
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