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.

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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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