Increase Top Individual Tax Rate
House Democrats are proposing reversing part of former President Trump’s Tax Cuts and Jobs Act and restoring the top individual income rate to 39.6%. According to Democrat’s proposal, the tax hike would apply to single individuals with taxable income of more than $452,700 and married couples with joint taxable income of $509,300, according to the president’s $6 trillion budget proposal released earlier this year.
If the proposal becomes law it would apply during the 2022 tax year.
