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Income Tax Increases on the Wealthy The Biden Administration proposes to increase income taxes on the wealthy and provide more resources to the IRS to enhance compliance. The headline increases relate to taxing capital gains and qualified dividends at the top ordinary income tax rates and the elimination of the step up in basis rule. Increase Top Income Tax Rate. The rate would be increased to 39.6 percent (from 37 percent) for taxpayers within the top 1 percent. 2 Note, the 39.6 percent rate was the top rate in effect prior to the Tax Cuts and Jobs Act of 2017 (TCJA). Subject Long-Term Capital Gains and Qualified Dividend ....
Income Tax Increases on the Wealthy The Biden Administration proposes to increase income taxes on the wealthy and provide more resources to the IRS to enhance compliance. The headline increases relate to taxing capital gains and qualified dividends at the top ordinary income tax rates and the elimination of the step up in basis rule. Increase Top Income Tax Rate. The rate would be increased to 39.6 percent (from 37 percent) for taxpayers within the top 1 percent. 2 Note, the 39.6 percent rate was the top rate in effect prior to the Tax Cuts and Jobs Act of 2017 (TCJA). Subject Long-Term Capital Gains and Qualified Dividend to Ordinarily Income Tax Rates. The rate applicable to long-term capital gains and qualified dividends would be increased to 39.6 percent for households earning more than $1 million. A long-term capital gain derives from assets that are held longer than a year. A qualified dividend is an ordinary dividend that meets specific criteria to be ta ....