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Democrats might not touch these taxes on the wealthy, but they're going up anyway
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cnbc.comDemocrats jettisoned a number of proposals to raise taxes on the wealthy in their $1.75 trillion social and climate spending measure. But those taxes are set to increase even if lawmakers don't touch them.
Starting in 2026, the marginal income-tax rate paid by the highest earners would increase (to 39.6% from 37%), more multimillion-dollar estates would be subject to federal tax and many entrepreneurs would lose a 20% tax deduction on their business income.
That's due to language in the 2017 tax law, passed by a Republican-controlled Congress and White House, which made these tax cuts temporary.
«Most of the individual provisions of the [law] do expire at the end of 2025,» said Garrett Watson, a senior policy analyst at the Tax Foundation.
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