According to the Congressional Budget Office, the Inflation Reduction Act delivered to President Joe Biden’s desk will end up forcing working-class Americans to pay billions of dollars in new taxes.
An analysis by the CBO estimates those earning less than $400,000 per year — the group on which Biden pledged not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade because of the Democrats’ $740 billion package.
On Friday, the House approved the bill, and President Biden is expected to sign it soon.
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