evidence: Currently, the top federal rate on ordinary income is 37%. Biden has proposed increasing it to 39.6%, which was the top rate back in 2017. Starting in 2018, President Donald Trump signed into law the Tax Cuts and Jobs Act that made many cuts, including the 2.6% cut to the top ordinary income tax rate. Notably, though, the new 39.6% rate is only supposed to apply to taxpayers making $400,000 or more. [...] President Biden is proposing a tax increase for people making more than $400,000 a year to help finance Medicare. The increase would hike the Medicare tax rate from 3.8% to 5%. [...] President Biden also wants to impose a minimum tax on billionaires. The provision is controversial in part because it is a type of wealth tax rather than a traditional income tax. Despite the billionaire label on the proposal, this new tax would also apply to people who are wealthy but a long way from being a billionaire. If passed, the billionaire tax would be a minimum of 25% for households with net worth exceeding $100 million.