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(By comparison, the 37% top individual rate applies to income exceeding: $523,600 for single filers and heads of household, $628,300 for married joint filers, and $314,150 for married separate filers.)
The 39.6% top rate would kick in during the 2022 tax year, according to the proposal. (That means it would apply to tax returns filed in 2023). Congress would still need to pass legislation enacting the policy, which isn’t assured.
Biden’s proposal is one of several measures aimed at raising taxes on households earning more than $400,000 a year.
The tax revenue would help finance initiatives in the American Families Plan to expand the social safety…