Biden budget would raise taxes for high-income earners

President Joe Biden recently released his 2023 federal budget request, calling for a hike to the top marginal income tax rate. This proposal would increase the rate from 37% to 39.6% for married couples filing together with taxable income over $450,000, heads of household above $425,000, single filers above $400,000, and married filing single tax-payers making more than $225,000. While the increased tax rates may be difficult to pass though Congress, if enacted, the change would hit higher earning beginning after Dec. 2022.