{"id":1595176,"date":"2022-08-08T17:33:26","date_gmt":"2022-08-08T21:33:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595176"},"modified":"2022-08-08T17:33:28","modified_gmt":"2022-08-08T21:33:28","slug":"inflation-reduction-act-will-increase-middle-class-small-business-taxes-tax-law-expert","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-reduction-act-will-increase-middle-class-small-business-taxes-tax-law-expert\/","title":{"rendered":"Inflation Reduction Act Will Increase Middle Class, Small Business 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-small-business-taxes-tax-law-expert%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=1595176&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>While <a href=\"https:\/\/www.theepochtimes.com\/t-democrats\">Democrats<\/a> insist that the <a href=\"https:\/\/www.theepochtimes.com\/t-inflation-reduction-act\">Inflation Reduction Act<\/a> won\u2019t boost taxes on people making less than $400,000 a year, collateral effects from the legislation will\u00a0cause workers and small businesses alike to pay more, according to\u00a0Preston Brashers, a senior tax policy analyst at the right-leaning Heritage Foundation.<\/p>\n<p>The measure, 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 Democratic 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>Its supporters say the legislation also will help to slow the growth of the ballooning U.S. national debt by decreasing the deficit.<\/p>\n<p>While it authorizes about $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 the national debt. Specifically, Democrats estimate that the bill will reduce the deficit by about $292 billion annually.<\/p>\n<p>The bill won\u2019t directly increase taxes on individuals at any income level, Brashers told The Epoch Times. The most substantial change will be a modification of corporate taxes, setting a mandatory minimum rate of 15 percent on corporations making $1 billion or more 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.<\/p>\n<p>\u201cA brand can\u2019t pay a tax,\u201d he said. \u201cTechnically, 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 out of Jeff Bezos\u2019s pocket.<\/p>\n<p>\u201cIt\u2019s coming out<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Democrats insist that the Inflation Reduction Act won\u2019t boost taxes on people making less than $400,000 a year, collateral effects from the legislation will\u00a0cause workers and small businesses alike to pay more, according to\u00a0Preston Brashers, a senior tax policy analyst at the right-leaning Heritage Foundation. The measure, hammered out as a compromise agreement between [\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-1595176","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\/1595176","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=1595176"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595176\/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=1595176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1595176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1595176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}