President Biden’s proposed 2024 budget calls for top 39.6% tax rate

KEY POINTS
President Joe Biden's budget calls for a top marginal income tax rate of 39.6%, up from 37%, for single filers making more than $400,000 and married couples with income above $450,000 per year.
He is also pushing for a 25% minimum tax on Americans with wealth exceeding $100 million.
However, these plans aren't likely to pass in the Republican-controlled House of Representatives.