By contrast, the plan unveiled by Republican Sen. Rick Scott would not increase taxes on the top 1% by a single penny.
despite mounting backlash—would hike annual taxes on the poorest 40% of people in the United States by $1,000 on average while not raising taxes on the richest 1% by a single penny.of Scott's plan released Monday by the Institute on Taxation and Economic Policy , which estimates that"the poorest fifth of Americans would pay 34% of the tax increase while the next fifth of Americans would pay 45% of the tax increase.
To analyze the potential impact of the plan outlined by Scott—the chair of the National Republican Senatorial Committee—ITEP assumes it would"require federal income tax liability of at least $1." The only possible interpretation of Sen. Scott's proposal is that everyone who has negative federal income tax liability under current law would instead have federal income tax liability of at least $1. The EITC and Child Tax Credit would no longer provide households with negative income tax liability, meaning no one would receive money from the IRS after they file their tax return. The most significant effects would be felt by the poorest 40% of Americans.
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