Biden's tax policy may cost citizens: 'More Americans aren't pay income taxes'
Economists say the Biden administration's proposed tax policy could end up costing all of us and killing American jobs. Economists are warning that the proposed Biden administration's proposed tax policy could cost taxpayers and potentially kill American jobs. The National Taxpayers Union's Executive Vice President, Brandon Arnold, revealed that over a third of Americans paid no federal income taxes, according to the most recent tax data from the IRS. The foundation also discovered that 39% of individuals who filed returns as individuals had no income tax liability. Arnold attributed this shift to changes in tax policy and broad economic trends.
Published : 2 months ago by The National Desk, http://www.facebook.com/FOX29Buffalo in Politics
Economists say the Biden administration's proposed tax policy could end up costing all of us and killing American jobs.
Executive Vice President of the National Taxpayers Union Brandon Arnold joined The National Desk’s Jan Jeffcoat to discuss the issue.
“Yeah, this is pretty remarkable data and some of it is affected by pandemic-era information,” he said. “So during the pandemic, we had these stimulus payments. We had all sorts of government programs.”
More than a third of Americans paid no federal income taxes, according to the most recent tax data from the IRS.
The National Tax Payers Union Foundation discovered that 39% of people who filed returns as individuals had no income tax liability.
“What we've seen is a huge increase in the amount of credits, the larger standard deduction under the 2017 tax code changes that have taken millions of Americans off the tax paying roles,” Arnold says. “That means you have more Americans than ever that aren't paying income taxes. It's a huge shift that has taken place due to broad economic trends as well as a lot of significant tax policy changes.”
Topics: Taxes