Joe Biden wants to raise income tax on millionaires to almost 40%

If the Biden initiative is approved, the new marginal rate of 39.6% would represent an increase in the current base rate of 20%. An additional 3.8 percent tax would be maintained on investment income financed by Obamacare, increasing the tax rate on income from financial assets more than the rates on certain salary income, it was noted.

The US president campaigned to equalize capital gains and tax rates for the rich, noting that it is unfair that many of them pay lower rates than middle class workers.

Biden is expected to release the proposal next week as part of tax increases to fund social spending in the upcoming “American Family Plan,” in which he also includes wealth tax increases for the rich. You have already warned that those earning over $ 400,000 can expect to pay more taxes.

The White House has already put in place plans to raise corporate taxes, which will fund the infrastructure-focused $ 2.25 trillion “American Jobs Plan.”