Biden To Propose A 39.6% Top Income Tax Rate At This Level


President Joe Biden wants to raise the top income tax rate for wealthy households to 39.6%, from the current 37%, to help finance his legislative agenda.

That top rate would apply to single individuals with taxable income of more than $452,700 and married couples filing a joint tax return with income over $509,300, according to a budget proposal issued Friday by the Treasury Department.

It would also apply to heads of household with income exceeding $481,000 and married individuals filing separate tax returns with income over $254,650.

Those income thresholds are lower than under current law, set by the 2017 Tax Cuts and Jobs Act.

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