City Lifestyle

Want to start a publication?

Learn More
Featured Image

Featured Article

Higher Taxes in 2023

Article by Rich Kruithoff

Photography by Stock image

Simply put, higher taxes. The Build Back Better bill is going to raise taxes for many middle class families,

according to the Nonpartisan Tax Policy Center. This comes in spite of promises made by president Biden to

not raise taxes on Americans earning more than $400k per year.

In fact, roughly 20 to 30 percent of middle income households will pay more in taxes in 2022, according to a

report that looked at individual income taxes and payroll taxes. Most will see about $100 more in taxes but in

2023 this will be subject to change due to the extension of the child tax credit, set only to hold up through

2022.

Higher Taxes in 2023

According to a quote from the nonpartisan Tax Policy Center, “In general, the combined effects of these

changes would result in many households paying higher taxes in 2023 than in 2022. They would shrink the

average 2023 tax cuts for low-income households, raise taxes slightly for moderate-income households, and

increase taxes significantly for the highest-income households,”

With a continuity of rising taxes over the next few years, the TPC has offered information that appears to

conflict with Biden’s promise of not increasing taxes. However, a report by the U.S. Chamber of Commerce

shows that the reconciliation bill holds a multitude of accounting maneuvers that lead to a bill that costs 4.1

trillion in spending, rather than the proposed 1.75 trillion, with short term tax increases until 2026.

Not the Only Expensive Bill

In addition to the already expensive BBB Bill, democrats have proposed a 2.9 trillion dollar tax hike,

affecting 85 percent of American taxpayers. In fact, Americans in jus about every tax bracket will see an

increase in their taxes by 2023 with the weight of these costs falling heavily on the middle class, this being

that 95 percent of small businesses are labeled as “pass-through entities,” who end up being responsible for

those increases.

Additionally, this bill would increase corporate tax rates form 21 percent to 26.5 percent, affecting those same

small businesses by more than 1.4 trillion operating at “C-Corporations.”

Not only will this affect middle-class taxpayers, it will significantly increase inflationary pressure.

What Can You Do About This?

These tax changes can be confusing, causing stress, anxiety, and money to be lost. Here at Pro Advisors

Group, we are here to educate and consult on the toughest tax questions. That's what makes us the premier tax

consulting group in the United States. We're here to explain tax changes as they happen and help you get the

money back you deserve.