President Biden’s proposed top income tax bracket of 39.6 percent would impact single filers with income above about $453,000 and married couples with income above roughly $509,000, a White House official said.
Biden is proposing as part of his American Families Plan to raise the top rate to 39.6 percent from 37 percent, bringing the rate back to where it was prior to the enactment of former President Trump’s tax law.
The details about the income thresholds for the 39.6 percent bracket provide further clarity about how Biden’s pledge to not raise taxes on taxpayers making under $400,000 would work.
“Consistent with the President’s campaign proposal, we are proposing to reverse the tax cut for the top bracket by returning that top tax bracket to what it would’ve been under pre-2017 law,” a White House official said in a statement. “That applies to less than 1 percent of Americans — the very top earners.”
“In 2022, those pre-2017 brackets are expected to be about $452,700 in taxable income for a single individual and $509,300 in taxable income for a married couple,” the official added. “That means if you are a married couple earning up to $509,300 — you will not see a dollar increase in your taxes.”
Read more at The Hill.
{Matzav.com}
Oh okay. Thanx.
We will all see a hike. Companies don’t want to see a reduction in the net income. They will raise prices. We are already hearing of price increases from Proctor and Gamble on diapers and cereal. It’s just going to continue with more companies, and the middle class will pick up the tab.