President Joe Biden Unveiled Tax Increases!
Recently President Joe Biden and house democrats have unveiled tax plans to raise levies on taxpayers making more than $400,000 of annual income, which equates to the top 1% to 2% of wealthiest households in the country. Although the $400K threshold does not really match household statistics, Americans with $500,000 or more of income were in the top 1.1% of tax filers in 2018, according to most recent IRS data. Single taxpayers with $400k or more income ($450K for married couples) would see their top marginal income-tax rate increase to 39.6% from 37%. And their top tax rate on sales on appreciated stocks and other assets would rise to 25% from 20%.
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