Democratic Tax Plan Would Hit Million-Dollar Households Hardest, Analysis Shows

WASHINGTON—Households making at least $1 million in income would face a 10.6% tax increase in 2023 under House Democrats’ plan, raising their average federal tax rate to 37.3% from 30.2%, according to the nonpartisan Joint Committee on Taxation.

The committee analysis, released Tuesday, shows that low-income households would get significant tax cuts from the proposal for the first few years, largely because of the extension of the expanded child tax credit.

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