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.
Joe Biden's Tax Policy Proposals: Frequently Asked Questions
August 4, 2020 | KPMG Report (updated September 14, 2020)