Biden To Boost Top Taxes To 40% And Increase Medicare Tax

  • Biden’s proposal would raise the top tax rate on those earning $400,000 or more from 37% to 39.6% and the corporate tax rate from 21% to 28%, both of which would undo tax cuts introduced under Trump, according to the news service.
  • The plan also calls for raising the tax on long-term investments for those earing at least $1 million from 20% to 39.6%, Bloomberg wrote.
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