Schumer-Manchin deal raises taxes on earners under $400K, study shows

The energy and health care deal from Sens. Joe Manchin and Chuck Schumer would raise taxes on millions of Americans earning less than $400,000 annually, Senate Republicans say, citing nonpartisan data.

The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000.

During the 10-year window, the average tax rate would go up for most income categories, the Senate GOP said, citing the data from the joint committee. And by 2031, new energy credits and subsidies would have people earning less than $400,000 pay as much as two-thirds of the additional tax revenue collected that year, the release said.