Estimate: Revenues would drop before increasing under House Democrats' tax plan

By Axios

Democrats plan to raise $1 trillion over 10 years by making the federal income tax code more progressive. But they won't get the money quickly — their plan actually decreases total income tax revenues in 2023. And when the money does come, it will come from the very rich.Why it matters: Estimates released by the bipartisan Joint Committee on Taxation Tuesday show the House Democrats' plan raising $12 billion less than the current tax regime in 2023. But it will raise $133 billion more in 2029. S

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