Taxes are being lowered now
Gleckman 23 [Howard; Journalist at the TPC; 3-23-2023; "Biden’s Budget Would Raise Taxes On High-Income Households, Cut Them For Many Others"; Tax Policy Center; https://www.taxpolicycenter.org/taxvox/bidens-budget-would-raise-taxes-high-income-households-cut-them-many-others;]//LASA-بيلال
Overall, Biden’s tax provisions would reduce after-tax incomes for nearly two-thirds of households. But for those making less than $410,000, nearly all of that decline would be due to their share of the corporate tax hikes.
By contrast, individual income, payroll, and estate taxes alone would raise taxes on only about 2 percent of households. And nearly all of them will make $410,000 or more. Nearly 40 percent of the lowest-income households and almost one-quarter of middle-income households would get a tax cut.
The Big Drivers
Biden’s proposed tax cuts include expansions of the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC), both of which primarily benefit low- and moderate-income households. TPC estimates a smaller overall benefit from Biden’s CTC changes than the Administration, in part because TPC was unable to model some proposed CTC revisions. Those features could significantly affect the CTC proposal’s cost and distributional impact.