President Joe Biden has proposed a 39.6% top marginal income tax rate
President Joe Biden has proposed a 39.6% top marginal income tax rate, it was originally 37% to help fund the American Families Plan. Even if Congress doesn’t pass Biden’s proposal, the top rate is slated to increase to 39.6% after 2025. Although 2025 seems far away, this proposed tax increase would affect single individuals with taxable income of more than $452,700 and married couples filing jointly with income of $509,300. Tax planning is KEY in boosting business efficiencies. And if you believe in achieving optimum tax position using a combination of effective and legal tax strategies, it is always good to start sooner than later.
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