Biden proposes top tax rates of 39.6%

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> That rate would affect single individuals with taxable income of more than $452,700 and married couples filing jointly with income over $509,300, according to a budget proposal issued Friday. What’s the point of having the income numbers at the top be so (relatively) low? Why not have a couple tax brackets for millions in income specifically?


>The top rate is slated to increase to 39.6% after 2025 even if Congress doesn’t pass Biden’s proposal. Its happening anyways. Biden is proposing that we just do it now.


Fine, but address the real problem: why are capital gains taxed at a lower top marginal rate than income? The ultra rich do not make their money from wages


Eh its a few percent higher. Not really that much of an increase but i think the issue is more related the ability to lower your taxable income when you’re super rich. In the current system those that break into the upper tax brackets have very little they can claim to reduce their taxable income. Where as those that are excessively wealth can get much more creative with their taxes like Trump deducting $50k for haircuts. Increasing this top tax rate while doing something isn’t hitting the crux of the issue. So those making 500,000-1,000,000 are getting the full effect of these bracket increases while those making $5,000,000+ are able to reduce their tax obligations which really shouldn’t be the case.


A majority of the true high earners are not wage earners…i wish there was a greater focus on taxing wealth and targeting the various deductions that only the rich are able to abuse.