Which Tax Changes Is the Biden Administration Considering?
Back in 2017, the Tax Cuts and Jobs Act overhauled the tax code -- both for better and for worse, depending on who you ask. Now that Joe Biden has taken office, he has his own tax changes in mind that could put more money in some people's pockets, but negatively impact our country's wealthiest at the same time. Here are a few specific changes that may come to be.
President Biden wants the country's wealthiest to pay their share of taxes. To this end, he's seeking to raise the top marginal income tax rate from 37% to 39.6%. Marginal tax rates are what people pay on their highest dollars of earnings. Prior to the Tax Cuts and Jobs Act, the top marginal rate sat at 39.6% for the country's highest earners, so the Biden administration is simply seeking to reinstate that.
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