Right now, you pay higher taxes on wage income (money you get by working) than on investment income (money you get when your money makes you more money). Biden’s plan would tax all that income the same for the extremely wealthy. Raise the top income tax rate to 39.6 percent, where it was before the Trump tax cuts. ADThis tax plan is very similar. Now they’re in Biden’s campaign tax plan, which will necessarily be the starting point for legislation if he becomes president.

Source: Washington Post December 05, 2019 17:51 UTC