Biden Tax Proposal Would Kick In at Over $500,000 for Couples

President Joe Biden’s proposed income tax increases for the wealthy would hit individuals earning more than $452,700 in 2022 and married couples making at least $509,300, according to a White House official.

The new top 39.6% tax bracket, proposed in Biden’s “American Families Plan” on Wednesday, would encompass less than 1% of taxpayers, the official said, asking not to be named to speak in more detail beyond the White House’s outline. The official’s comment suggested that the new rate, up from the current 37%, would be applied from 2022.

WATCH: President Joe Biden discusses his tax plan for economic growth in the U.S.

Source: Bloomberg)

“People file as married couples, they file as individuals, ...