“House Democrats propose top 39.6% tax rate at these income levels”
September 14, 2021
“House Democrats have proposed a top marginal income tax rate of 39.6% for individuals, part of a sweeping change to the tax code to fund climate investments and an expansion of the U.S. safety net.
That rate, an increase from the current 37% levy for the wealthiest taxpayers, would kick in for single individuals with taxable income over $400,000, according to a legislative outline issued by the House Ways and Means Committee on Monday.
It would also apply to married individuals filing a joint tax return whose taxable income exceeds $450,000; to heads of households over $425,000; to married individuals filing separate returns over $225,000; and to estates and trusts over $12,500…”
This is going to hurt small business owners. Tax increases will only put them in the hole further on top of their businesses being shut down. This is not good.