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Plus, the U.S. economy hits the accelerator Thursday, April 29, 2021 Who Would Get Hit by Biden’s Tax Hike on Top Earners President Biden has proposed raising the top individual income tax rate, but he has also pledged that no one making under $400,000 would see their taxes go up. Now, the White House is clarifying just who would be affected by Biden’s proposed tax hike. Axios and Bloomberg News report that Biden’s proposed increase in the top tax rate from 37% to 39.6% would apply to individuals making more than $452,700 in 2022 and married couples with taxable income of at least $509,300, according to a White House official. That means the higher top tax rate would apply to less than 1% of taxpayers. Under the current tax brackets for 2021, the top marginal rate of 27% applies to individuals making $523,601 or more and couples earning $628,301 or more. ....