Democrats want to tax the very rich. Here's who they are
CNN
President Joe Biden and congressional Democrats want to raise taxes on the rich to pay for their $3.5 trillion plan to expand the nation's safety net, saying the wealthy should pay their fair share.
The rich would be hit in a variety of ways under the proposal advanced by the House Ways & Means Committee.
The House legislation calls for reversing a key plank of the Republicans' 2017 tax cuts by returning the top marginal income tax rate to 39.6%, up from 37%. That new top rate would apply to single filers with taxable income greater than $400,000 a year and married couples filing jointly earning more than $450,000 annually.
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