Major tax changes will likely wait until October.

Tax practice President Biden's coronavirus pandemic relief package - known as the American Rescue Plan - passed both the House and the Senate in March. But for those earning over $1 million, Biden wants to increase the long-term capital gains tax rate to 39.6 percent. Because President Biden wants the country's wealthiest to pay higher taxes, he aims to raise the top marginal income tax rate from 37 percent to 39.6 percent, returning it to the marginal tax rate for the wealthiest before the Tax Cuts and Jobs Act of 2018. [Extracted from the article]

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