America’s Ultra-Rich Fear Biden Will Close Their Favorite Tax Loopholes Bloomberg 57 mins ago Ben Steverman (Bloomberg) -- The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous. The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues on those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates. What has potentially far greater ramifications is that Biden and Democrats in Congress are threatening to target a much wealthier group — the growing number of Americans with fortunes starting in the tens of millions of dollars — who often pay lower tax rates than many middle-class families.