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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 Cap...

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 Cap...