Senate Finance ranking member Michael D. Crapo, R-Idaho, released new Joint Committee on Taxation data Friday showing that even with an extension of bigger tax credits to help purchase health insurance, low- to middle-income households still face tax increases.
The analysis, which incorporated the more onerous corporate minimum tax before it was scaled back, showed that about 78% of households earning between $50,000 and $75,000 next year would see their tax bills rise by at least $100, for instance. A little over 3% of households in that income category would see tax cuts on average.
The analysis didn’t incorporate the bill’s “Superfund” tax on oil production and imports, or the stock buyback tax, which Republicans said could add to the burden on households.
But it also didn’t include benefits that would lower costs for some taxpayers, Democrats point out, like home energy-efficiency and electric vehicle credits, and savings from lower prescription drug prices.
“The administration has been very careful to say that the ‘individual income tax rate’ would not change for anyone making less than $400,000 per year, yet everyone knows that the corporate tax burden falls on workers and consumers, as well as owners,” Crapo said in a statement.
At Friday’s news conference, Republican Whip John Thune of South Dakota called on Manchin and Sinema to oppose a “wrap-around amendment” that would likely come from Democratic leadership at the end of the vote-a-rama to wipe out any successful GOP amendments.
Thune said if Republican amendments stick, they “could make it better. Might make it harder to pass in the House, who knows.”
Graham suggested Republicans may want to force harder votes after some backed the bipartisan “chips and science” bill, only for Manchin and Schumer to unveil their reconciliation deal hours later. Some Republicans had threatened not to move forward on that issue while Democrats were pursuing their own tax and spending package.
“Before the ink is dry on that bill, they drop this,” Graham said. “So what will vote-a-rama be like? It’ll be like hell.”©2022 CQ-Roll Call, Inc., All Rights Reserved. Visit cqrollcall.com. Distributed by Tribune Content Agency, LLC.