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ARTICLE · 02 DECEMBER 2021

Biden Administration's Tax Plans

Winston Taylor
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On April 28, 2021, the Biden White House released a fact sheet describing the "American Families Plan," which seeks to raise $1.5 trillion in revenue from wealthy taxpayers to cover new subsidies for families and workers.

United StatesTax
Todd G. Betor
Todd G. Betor
James N. Mastracchio
James N. Mastracchio
Susan Elizabeth Seabrook
Susan Elizabeth Seabrook

AMERICAN FAMILIES PLAN

On April 28, 2021, the Biden White House released a fact sheet describing the "American Families Plan," which seeks to raise $1.5 trillion in revenue from wealthy taxpayers to cover new subsidies for families and workers. The tax proposals in the American Families Plan are laid out below.

RAISE THE TOP PERSONAL INCOME-TAX RATE

Current Law The highest personal income tax rate is 37%, which was enacted as part of 2017's Tax Cuts and Jobs Act (TCJA). Pre-TCJA, the highest personal income tax was 39.6%.

Taxpayers falling within the current top rate of 37% in 2021:

  • Single filers with taxable income over $523,600
  • Joint filers with taxable income over $628,300

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