Congress panel corrects tax rates for wealthy under Biden’s proposal

The U.S. Capitol building is seen in Washington
FILE PHOTO: The U.S. Capitol building is seen in Washington, U.S., November 16, 2021. REUTERS/Elizabeth Frantz

WASHINGTON – Americans with incomes over $1 million would see their taxes rise under President Joe Biden’s “Build Back Better” bill, Congress’ Joint Committee on Taxation said on Tuesday, correcting an earlier analysis that their taxes would fall.

Under the bill passed last week by the House of Representatives and now being considered by the Senate, those with incomes of $1 million and more would be taxed at an average rate of 33.1%, up from the current 29.9%, the committee said.