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Limit Individual Retirement Accounts (IRAs) contributions when balances reach $10 million and accelerate required minimum distributions for those accounts.

Extend the ARPAвЂ™s temporary expansion of the Earned Income Tax Credit (EITC) eligibility, phase-in rates, and amount through 2022.

Extend the American Rescue Plan Act (ARPA) Child Tax Credit (CTC) expansion through 2022, and make the entire CTC fully refundable on a permanent basis.

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Create a new surcharge on modified adjusted gross income (MAGI), defined as adjusted gross income less investment interest expense, equal to 5 percent on MAGI in excess of $10 million plus 3 percent on MAGI above $25 million.The updated draft legislation would include the following major changes, effective January 1, 2022, unless otherwise noted: Individual Income Taxes Related: Tax Proposals by the Biden Administration Major Provisions of the Updated House Build Back Better Act Combined Long-Run Effects of the Updated House Build Back Better Act Long-run Gross Domestic Product (GDP)

It would also reduce average after-tax incomes for the top 80 percent of taxpayers over the long run. We estimate that the House bill would reduce long-run economic output by nearly 0.4 percent and eliminate about 107,000 full-time equivalent jobs in the United States. Excluding the anticipated revenue from increased tax compliance and the drug pricing provisions, the bill would raise about $637 billion from net tax increases over 10 years. Using the Tax Foundation General Equilibrium Model, we estimate that the tax provisions, IRS enforcement, and drug pricing provisions in the House bill would increase federal revenues by about $1.5 trillion over the next decade, before accounting for $500 billion in expanded tax credits for individuals and businesses, resulting in a net revenue increase of about $1 trillion.

This analysis contains estimates of the budgetary, economic, and distributional impacts of the House bill as specified in the House Rules Committee Print 117-18 released on Novemand amended on November 4, 2021. The draft legislation may be modified before moving to the House floor and differ from the SenateвЂ™s version of the legislation. Source: Tax Foundation General Equilibrium Model, November 2021.Дemocratic lawmakers in the House of Representatives have advanced updated legislation containing the tax elements of President BidenвЂ™s Build Back Better agenda.

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