President Biden’s administration recently unveiled its proposed budget for fiscal year 2022 that include an abundance of proposed tax changes affecting individuals and corporations. Some of the highlights are as follows:
- Increasing the top marginal income tax rate from the current 37% to 39.6% for taxpayers with taxable income over $509,300 (married) and $452,700 (single)
- Increasing the capital gains tax from 20% to 37% for taxpayers that have adjusted gross income over $1 million