Biden's stimulus delivered a bigger tax cut to lower-income Americans than the 2017 GOP reform, report shows

While President Joe Biden and congressional Democrats are readying their plan to hike incomes taxes on the wealthy, a new government report shows that their $1.9 trillion relief package slashed taxes for lower- and moderate-income Americans for this year.

Taxpayers earning less than $75,000 annually will pay no tax, on average, in 2021, thanks to a multitude of provisions in the American Rescue Plan, which Biden signed into law last month. Instead, lower-income Americans can expect to receive hefty refunds -- though, of course, that will vary depending on every individual's finances. Those with incomes between $75,000 and $100,000 a year will pay an average tax rate of just 1.8%, according to the Joint Committee on Taxation, a non-partisan group that assists Congress with tax legislation.