PODCAST

The Biden Tax Plan: Increasing the Individual Tax Rate on Ordinary Income

KPMG Catching Up on Capitol Hill Podcast Episode 12-2020 | What might increasing the top individual tax rate on ordinary income to 39.6% mean for most taxpayers?

John P. Gimigliano

John P. Gimigliano

Principal in Change, Federal Regulatory & Legislative Services, Washington National Tax, KPMG US

+1 202-533-4022

Jennifer Acuna

Jennifer Acuna

Principal, Federal Legislative & Regulatory Services, KPMG US

+1 202-533-3800

Thomas Stout

Thomas Stout

Director, Fed. Legislative & Reg. Services, KPMG US

+1 202-533-4148

Podcast overview

The Biden tax plan would restore the top rate on ordinary income to Obama-and-Clinton-era levels of 39.6%. Compared to other Biden tax proposals, this appears to be a relatively modest change. So, what does this mean for most taxpayers, and are there collateral considerations? John Gimigliano, Jennifer Acuna, and Tom Stout from the KPMG Federal Legislative & Regulatory Services group provide their insights.

 

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