Here's who would be affected by House Democrats' potential tax changes (via CNBCMakeIt)
The biggest changes include raising the top corporate tax rate from 21% to 26.5% on over $5 million in income, and the top individual marginal tax rate for individuals earning over $400,000 per year and married couples earning over $450,000 from 37% to 39.6% starting in 2022. In addition, the IRS would receive nearly $80 billion over the next decade toThe tax increases would raise over $2 trillion over the next decade, according to the Center on Budget and Policy Priorities estimates.
, Ways and Means also proposed increasing the minimum tax on U.S. companies' foreign income from 10.5% to 16.6%. Biden had sought 21%.In addition to increasing the top rate back to pre-2017 levels, the proposal includes a 3% surcharge on household adjusted gross income in excess of $5 million a year.for individuals earning $400,000 and married couples earning $450,000 per year. Individuals earning less income would not be affected. This is also less than the 39.6% rate Biden has sought.
Second, the bill prohibits those earning more than $400,000 a year from converting individual retirement accounts and 401-type plans into Roth accounts, and eliminates theAnd the proposal would also, treating the asset the same as other securities, rather than property, in regards to capital gains taxes. Currently, investors
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