Saturday, June 15, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, November 3, 2021
Build Back Better? Hawaii Top Tax Rate to Hit 62.4%
By Tax Foundation @ 6:39 PM :: 3204 Views :: National News, Hawaii Statistics, Taxes

Build Back Better Act: Details & Analysis of Tax Provisions in the $1.75 Trillion Budget Reconciliation Bill

From Tax Foundation, November 3, 2021

Democratic lawmakers in the House of Representatives have advanced legislation containing the tax elements of President Biden’s new Build Back Better framework. Here are the updated details and analysis:

According to our new analysis using the Tax Foundation General Equilibrium Model, the major tax provisions in the House Build Back Better plan would:

Result in a net revenue increase of about $768 billion
Reduce long-run economic output by nearly 0.4 percent
Eliminate about 103,000 full-time equivalent jobs
Reduce average after-tax incomes for the top 80 percent of taxpayers

Under the bill, the average top tax rate on personal income would reach 57.4 percent, giving the U.S. the highest rate in the Organization for Economic Co-operation and Development (OECD).

All 50 states plus the District of Colombia would have top tax rates on personal income exceeding 50 percent.

You can see all of our recent federal tax analysis here.

Top Tax Rate on Personal Income Would Be Highest in OECD under New Build Back Better Framework

See more details

Related: A Tax Break for the Rich Could End up Being the Largest Part of the 'Build Back Better' Plan


TEXT "follow HawaiiFreePress" to 40404

Register to Vote


Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together


Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii