The rich may pay less tax in 2022 with Democrat’s “Build Back Better” Bill

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  • The Build Back Better Act that House Democrats passed Friday has tax provisions with different start dates and duration.
  • Households’ tax bills may vary greatly from year to year, especially from 2022 to 2023, if the legislation succeeds.

The roughly $2 trillion climate and social policy measure House Democrats passed Friday would create a fluid tax scenario for households over the next few years, as tax provisions affecting low and high earners phase in and out.

The Build Back Better Act has tax components related to children, health care, education, state and local taxes, corporate profits and retirement plans, among others.

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But their start dates and duration differ — a dynamic that may have a big impact on taxpayer levies from year to year, according to projections.

www.cnbc.com/2021/11/23/how-the-build-back-better-act-gives-high-earners-a-one-year-tax-cut.html

 

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