Tax Rate Changes Under Biden

The tax rate changes under the Biden administration include an increase of nearly 3 percentage points for the top bracket, a 1 percentage point increase for the 33% bracket, a 4 percentage point cut for the bracket below 28%, a 2 percentage point increase for the 25% bracket, and a 3 percentage point increase for the 15% bracket. These changes only apply to income taxes, not corporate taxes or capital gains.