The President has proposed rolling back republican tax cuts as a means to fund $3.5T of infrastructure improvements. What does that mean in real numbers and real tax brackets? Nothing is finalized, but here are some preliminary numbers from democrats on the House Ways and Means Committee:
• New top rate tax bracket of 39.6% for single individuals earning more than 400K and married filers earning more than 450K.
• 3.8% Surtax for S Corps earning more than 400K.
• 50% reduction in current gift and estate tax exemptions.
• Proposes taxing carried interest as ordinary income.
• Increase the federal corporate income tax rate from 21% to 28%.
• Proposes taxing long term capital gains and dividends as regular income for individuals earning over 1M.
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