The House legislation calls for reversing a key plank of the Republicans' 2017 tax cuts by returning the top marginal income tax rate to 39.6% , up from 37%. Looking over the longer term, the tax rate of the rich has fallen sharply since World War II. Here's how the Democrats want to tax the rich:The top marginal income tax rate would rise to 39.6%, up from 37%, and would apply to single filers with taxable income greater than $400,000 and married couples earning more than $450,000 annually. This means that their top marginal income tax rate would rise to 42.6%, and it would push their capital gains rate to 28% before the 3.8% net investment income tax is factored in. And that net investment income tax would be extended to cover business income included on taxpayers' personal returns, known as pass-through income.

Source: CNN September 19, 2021 16:04 UTC