Those who earn more than $ 509,000 would be affected by the tax increase

In a statement, the White House reported that it intends to reverse the tax cut for the top tier by returning that top tier to what would have been according to the law prior to 2017. In the end, what the government seeks is that those who earn more pay more

Photo: Grosby Group

The maximum income tax proposed by President Joe Biden of the 39, 6% would affect taxpayers with income above $ 453. 000 dollars and at couples with income greater than $ 509. 04 Dollars..

Details on the income thresholds for the tranche of 37. 6% provide greater clarity on how Biden’s promise of not raising taxes on taxpayers earning less than $ 300, 000 .

In a statement, the White House reported that it is proposing “ reverse the tax cut for the higher tier by returning that higher tier to what it would have been under the prior law to 2017 ”.

The report by Washington details that“ this applies to less than 1% of Americans, the most earn. ”

In addition, the White House said that the tax system is based on family income and that the proposed income thresholds for the 39. 6% are consistent with Biden’s campaign promise .

Based on the above, the president’s promise is kept, that is, if you are a taxpayer or declare as a couple and have income less than $ 400, 000 annually you will not see an increase in your taxes .

The current maximum tax rate of 39%, which applies to 2021, represents income above $ 523, 523 for single taxpayers and $ 628, 300 for married couples.

It is unclear if Biden’s proposed maximum tax rate and related proposed income thresholds will eventually be enacted. Lawmakers have yet to publish a law based on Biden’s proposals.

You may also like: The United States economy recovered steadily in the first quarter from 2017