Reply to Harris tax plan - raising taxes on high earners

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
"Ms. Harris would set the top marginal income rate at 39.6 percent, up from 37 percent. On top of that, she would also increase the rate on two parallel Medicare surtaxes to 5 percent from 3.8 percent for Americans making more than $400,000 and expand the income subject to one of them. Together, the Medicare and income proposals would create a top marginal rate as high as 44.6 percent."[/quote]

The top tax rate was 39.6 up until 2018, when the Trump admin passed the TCJA (Tax Cut and Jobs Act), which also limited the SALT deduction.

But guess what? TCJA had a sunset provision and it will end at the end of 2025, meaning the top tax rate will go up to 39.6% anyway, assuming nothing is done (though the SALT deduction limit will also be removed).

https://www.rbcwealthmanagement.com/en-us/insights/preparing-for-the-great-sunset-what-you-need-to-know-if-tax-code-provisions-expire[/quote]

Look at you, inconveniently appearing on the scene with facts![/quote]

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