The Inflation Reduction Act will cost middle-class taxpayers billions © Getty Images / Jeffrey Coolidge
The Inflation Reduction Act signed into law by US President Joe Biden on Tuesday will saddle middle-class Americans with about $20 billion in added taxes over the coming decade, the Congressional Budget Office has revealed.
Specifically, taxpayers making less than $200,000 would pay $16.7 billion more, while those earning between $200,000 and $500,000 would be on the hook for $14.1 billion more, according to the Congressional Joint Committee on Taxation. Wealthier taxpayers are expected to contribute $180 billion more under the new legislation.
While Biden promised during his electoral campaign not to raise taxes on the middle class, the Senate voted down an amendment to the bill that would have protected Americans making under $400,000 from increased scrutiny by the Internal Revenue Service. The House approved the Inflation Reduction Act on Friday. The legislation passed both houses of Congress along party lines, with zero Republican support. (RT)