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Democratic tax plan would hit million dollar households hardest, analysis finds

WASHINGTON – Households earning at least $ 1 million in income would face a 10.6% tax hike in 2023 as part of the House Democrats’ plan, raising their average federal tax rate to 37, 3% versus 30.2%, according to the non-partisan Joint Committee on Taxation.

The committee’s analysis, released Tuesday, shows low-income households would get significant tax cuts from the proposal for the first few years, in large part due to the extended child tax credit extension.