President Joe Biden has proposed a 39.6% top marginal income tax rate

President Joe Biden has proposed a 39.6% top marginal income tax rate, it was originally 37% to help fund the American Families Plan. Even if Congress doesn’t pass Biden’s proposal, the top rate is slated to increase to 39.6% after 2025. Although 2025 seems far away, this proposed tax increase would affect single individuals with taxable income of more than $452,700 and married couples filing jointly with income of $509,300. Tax planning is KEY in boosting business efficiencies. And if you believe in achieving optimum tax position using a combination of effective and legal tax strategies, it is always good to start sooner than later.

If you need help or have any questions, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.

Learn More:

https://www.cnbc.com/2021/06/01/bidens-proposed-39point6percent-top-tax-rate-would-apply-at-these-income-levels.html