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House Democrats have proposed a high marginal revenue tax price of 39.6% for people, a part of a sweeping change to the tax code to fund local weather investments and an growth of the U.S. security internet.
That price, a rise from the present 37% levy for the wealthiest taxpayers, would kick in for single people with taxable revenue over $400,000, in accordance with a legislative define issued by the House Ways and Means Committee on Monday.
It would additionally apply to married people submitting a joint tax return whose taxable revenue exceeds $450,000; to heads of households over $425,000; to married people submitting separate returns over $225,000; and to estates and trusts over $12,500.
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