You know that "Build Back Better"...er..."Inflation Reduction Act"? No worries

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People who make less than $400,000 a year shouldn't be affected by the higher taxes proposed in the bill.

The bill will be funded by higher corporate taxes, savings on prescription drugs through Medicare, and IRS tax enforcement, among other things, the bill's authors say. They say taxes shouldn't be higher for anyone with less than $400,000 annual taxable income.

Kimberly Clausing, a tax professor at the UCLA School of Law and former senior Treasury Department official, previously told Insider that the average American's tax bill is "absolutely" not going to be affected under the legislation. "Are you a big corporation that earns over a billion dollars and pays less than 15%? If not, there's no increase in your taxes," she said.

"As in any legislation, there's gonna be winners and losers," Marc Goldwein, senior policy director of the nonpartisan Committee for a Responsible Federal Budget, previously told Insider. "But I suspect there's gonna be a lot more winners than losers and it's going to be a broad set of winners."

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