Here's why some millionaires might see a tax cut under the Democrats' spending plan
CNN
Most households won't see a tax increase in 2022 if the Democrats' massive spending plan is passed, according to a recent analysis. Nearly 40% of households would see a tax cut and nearly 19% would pay more in 2022 than they do now. Some very high-income households would see a significant tax hike.
The Democrats' proposal is still in flux. But under the latest version, most middle-income families with children would get a tax cut in 2022 -- thanks to an expanded child tax credit -- and those without kids would generally see little change in their tax bills, said Howard Gleckman, a senior fellow at the Tax Policy Center.
But the analysis also shows that some very high-income households would see a tax cut, too, flying in the face of the Democrats' pledge to make wealthy Americans pay more in taxes.
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