President Joe Biden is proposing higher taxes on wealthy Americans to help cover priorities like Medicare and Social Security in his 2024 budget.
Biden's 2023 federal budget plan proposed a 20% levy on households with the same level of wealth, applying to "total income," including regular earnings and so-called unrealized gains.in October 2021 to help pay for their domestic spending agenda. However, both plans haven't gained broad support within the Democratic Party.
For 2023, the top marginal income tax rate of 37% kicks in at $578,126 for single filers and $693,751 for married couples, which isWithout additional changes by Congress, several provisions from the Tax Cuts and Jobs ActThe change will also raise the other tax rates, which Biden mentioned in the budget, saying he plans to "work with Congress to address the 2025 expirations."
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