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Democratic Rep. Richard Neal, chair of the House Ways and Means Committee, which has submitted a draft proposal on raising taxes. Photo: Tom Williams/CQ-Roll Call via Getty Images

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 on 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.

How it works: Taxes on the very rich would rise immediately, with taxpayers earning more than $1 million collectively paying just over $1 trillion in taxes, up from $908 billion under current law — an increase of 10.6%.

  • Americans making less than $40,000 per year would pay just $7.2 billion in federal income tax, down 90% from $72.3 billion under current law.
  • The top personal federal income tax rate would be 39.6%, up from 37%. Democrats also want to see an additional 3% tax on Americans who make more than $5 million per year.

The big picture: The income tax changes are a central part of the way in which Democrats are trying to raise the money to pay for President Biden's $3.5 trillion spending plan. They also want to increase the top capital gains tax rate to 25% from 20%.

Go deeper

Kate Marino, author of Markets
Dec 22, 2021 - Economy & Business

Savings dwindle among lower earners

Illustration: Aïda Amer/Axios

The roll-off of pandemic-era government support for families is showing up in the form of increased financial vulnerability among those at the lower end of the income spectrum.

Driving the news: About 32.3% of adults earning less than $50,000 per year said in December that their savings wouldn't cover one month of expenses — that's up from 28.4% who said so last month.

Updated 6 mins ago - Economy & Business

S&P 500 on track for worst-ever start to year

Data: FactSet; Chart: Axios Visuals

Stocks suffered their steepest drop of the year early Monday, putting the S&P 500 on course for its worst-ever start to a year.

Driving the news: The benchmark S&P 500 dropped for its fifth straight day, with losses nearing 3% in early trading, momentarily putting it on track to fall into a "correction." Some of the steepest losses were recovered in early afternoon trading.

Tina Reed, author of Vitals
1 hour ago - Health

Health care workers hit new breaking point

Illustration: Shoshana Gordon/Axios

The ranks of health care workers are dwindling and stretching what it means to be reaching their "breaking points," particularly at small nonprofit hospitals.

The big picture: Even as Omicron cases have begun to wane in some places, many hospitals are still fielding a crush of patients amid record employee callouts.