{"id":1594932,"date":"2022-08-08T15:20:49","date_gmt":"2022-08-08T19:20:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1594932"},"modified":"2022-08-08T15:20:51","modified_gmt":"2022-08-08T19:20:51","slug":"inflation-reduction-act-will-increase-middle-class-and-small-businesses-taxes-tax-law-expert-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-reduction-act-will-increase-middle-class-and-small-businesses-taxes-tax-law-expert-2\/","title":{"rendered":"Inflation Reduction Act Will Increase Middle-Class and Small Businesses Taxes: Tax Law Expert"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-reduction-act-will-increase-middle-class-and-small-businesses-taxes-tax-law-expert-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1594932&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Preston Brashers, a senior tax policy analyst at the right-leaning Heritage Foundation, told the Epoch Times in an interview that despite <a href=\"https:\/\/www.theepochtimes.com\/t-democrats\">Democrats<\/a>\u2019 insistent claims that the <a href=\"https:\/\/www.theepochtimes.com\/t-inflation-reduction-act\">Inflation Reduction Act<\/a> will not raise taxes on people making less than $400,000 a year, collateral effects from the bill\u00a0will\u00a0cause workers and small businesses alike to pay more.<\/p>\n<p>The bill, hammered out as a compromise agreement between moderate Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.), serves to fulfill a series of broad Democrat aspirations: increasing federal revenue by closing so-called tax \u201cloopholes,\u201d climate change policies, expansion of the Affordable Care Act, commonly known as \u201cObamacare,\u201d and reducing prescription drug prices.<\/p>\n<p>The act, according to its supporters, will also help to slow the growth of the ballooning U.S. national debt by decreasing the deficit.<\/p>\n<p>Though it authorizes around $433 billion in new spending, Democrats\u2019 internal estimates suggest that the bill will bring in around $725 billion in new revenue to the federal government, thus reducing the federal deficit and slowing the growth of national debt. Specifically, Democrats estimate that the bill will reduce the deficit by around $292 billion annually.<\/p>\n<p>Importantly, Brashers noted, the bill will not directly increase taxes on individuals at any income level. The most substantial change in the bill will be a modification of corporate taxes, setting a mandatory minimum rate of 15 percent on corporations making more than $1 billion annually.<\/p>\n<p>\u201cThere\u2019s nothing in here specifically targeting income levels,\u201d Brashers said. \u201cThey\u2019re not targeting people making $400,000 or more.\u201d<\/p>\n<p>Neither, Brashers said, are they targeting businesses necessarily: \u201cA brand can\u2019t pay a tax. Technically, legally, the corporations are the ones paying taxes, but ultimately that has to be paid by people, one way or the other. It\u2019s not like Jeff Bezos\u2014if you tax Amazon\u2014that this is coming<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Preston Brashers, a senior tax policy analyst at the right-leaning Heritage Foundation, told the Epoch Times in an interview that despite Democrats\u2019 insistent claims that the Inflation Reduction Act will not raise taxes on people making less than $400,000 a year, collateral effects from the bill\u00a0will\u00a0cause workers and small businesses alike to pay more. The [\u2026]<\/p>\n","protected":false},"author":57,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1594932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1594932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1594932"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1594932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1594932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1594932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1594932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}