The nonpartisan Joint Committee on Taxation tweeted out this low-key correction to its previous analysis on the House’s Build Back Better bill and the tax provisions included in it. “The staff of the Joint Committee on Taxation has discovered an error in the calculation of the average tax rate for calendar year 2022 for taxpayers with incomes in excess of $500,000.”   xJCT corrects an error in the calculation of average tax rates for 2022 reported in JCX-47-21.https://t.co/tmaNk5h1DY— JCT Congress (@jctgov) November 23, 2021 Oops. The original calculation from the JCT was that BBB would cut average taxes for incomes over $1 million by 1.7%. The new calculations say that those making more than $1 million would pay 3.2% more in taxes in the first year, 2022, and even more in subsequent years—4.1 percentage points in 2023 and 3.3 percentage points in 2025. So no, millionaires are not getting a tax cut with this plan, as Republicans would have you believe. Read more