Biden Bill Has Tax Cut for Mere Millionaires, Hike for Mega Rich

Congressional scorekeepers update data on Democrats’ bill
Tax results for rich depend on income level, how they earn it

Joe Biden departs after speaking on the economy in the Eisenhower Executive Office Building in Washington, D.C., on Nov. 23.Photographer: Oliver Contreras/Bloomberg

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By Laura Davison

November 23, 2021 at 8:46 PM UTC

This article is for subscribers only.

For millionaires trying to decipher if they will pay more or less in taxes under President Joe Biden’s Build Back Better plan, the answer largely depends on just how much income they get, and how it’s earned.

Millionaires would collectively pay a higher average tax rate next year -- 33.1%, up from 29.9% -- under the version of the Build Back Better Act passed by the House last week, according to new data released Tuesday by the the congressional tax scorekeeper, the Joint Committee on Taxation.