- The budget proposal is indeed marked by a number of tax hikes on affluent households, including a 25% minimum tax on those with more than $100 million in wealth that the budget calls a “billionaire minimum tax.”
- The top marginal tax rate would also be increased to 39.6% from the current 37%, which would represent a return to levels seen before the Tax Cuts and Jobs Act of 2017, the hallmark legislative accomplishment of former President Donald Trump.
- The budget would also increase the investment income tax used to fund Medicare from 3.8% to 5% for individuals earning more than $400,000 per year, a move that the White House claims would extend the solvency of the Medicare Hospital Insurance Trust Fund for at least 25 years.
