“Biden will propose to raise the top individual income tax rate from 37% to 39.6% for households earning above $400,000, and tax capital gains at ordinary income rates for earners above $1 million.”
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The promise as stated was to PROPOSE these tax changes, and Biden did exactly that: his April 28, 2021 American Families Plan formally proposed restoring the 39.6 percent top individual rate and taxing households making over $1 million at the 39.6 percent ordinary rate on investment income. He renewed the same proposals in each annual budget through FY2025 (March 2024). Congress never enacted them, but the promised deliverable - a formal proposal - was fully made.
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