The Biden administration is expected to unveil a plan to increase taxes for high earners to avoid a looming funding crisis for Medicare.
is expected to unveil a plan to raise taxes on Americans earning more than $400,000 a year, as part of a move that could help support the Medicare health care program for the next two decades.
The U.S. Census top bracket is $100,000 and above; for households, that's $200,000 and above, for which the 2021 figure was 11.6 percent. The Internal Revenue Service breaks down tax returns into income brackets of $250,000 to $500,000, $500,000 to $1 million, and above $1 million.
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