Biden’s plan will also include a top individual tax rate of 39.6% for those making at least US$400,000, up from 37% today.

WASHINGTON (April 27): President Joe Biden’s coming tax package will feature an end to a major benefit for wealthy estates that drastically minimizes the levy for inheritors, along with a bump up in the top income tax rate and funding for strengthened IRS auditing, according to a person familiar with his proposal.