Annette Nellen, CPA, CGMA, Esq., is a professor in and director of San José State University's graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, high tech tax matters, employment tax, ethics, and tax policy. Professor Nellen served on the AICPA Tax Executive Committee for over six years (chair from October 2016 to May 2019). She is a past chair of the AICPA Individual Taxation Technical Resource Panel. Professor Nellen was the lead author of the AICPA tax policy concept statement #1, Guiding Principles of Good Tax Policy: A Framework for Evaluating Tax Proposals (2001, updated 2017), still in use today.
Well, it should be no surprise because President Biden did campaign that he would increase the rate for those making more than a million dollars to 39.6%. Plus we already had a 3.8% tax on those high income capital gains, getting it to 43.4. That is high. I mean, we had-- the highest we've had since 1986 was 28%. And so that's a high rate. But I think they're tying it to look at what the top rate is on earned income, not just capital gains.22 November 2021