President Biden’s Build Back Better agenda would hike the average top tax rate on personal income in the United States to the highest level in the developed world, according to an analysis by the Tax Foundation.
The $1.75 trillion proposal currently before the House of Representatives would end up raising the average top tax rate on personal income in the US to a whopping 57.4 percent, the highest in the 38-member Organisation for Economic Co-operation and Development, according to the analysis.
That’s up from the US’ current nationwide average top tax rate of 42.9 percent, which lands squarely in the middle when compared with the other OECD countries, according to the Tax Foundation, a Washington, DC-based think tank.
The new rate under Biden’s proposal would push the US top tax rate even higher than Japan’s notoriously cumbersome 55.9 percent average top income tax.
Biden’s Build Back Better top tax rate would overtake Japan, Denmark, and France– currently the three countries with the highest tax rates in the OECD.The top tax rate in a handful of blue states, including New York, California and New Jersey, would be even hig …
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