The Biden proposal would require that the richest 0.01% of Americans pay at least a 25% tax rate. It would also increase the top tax rate for Americans making $400,000 to 39.6% from 37%, reversing one of Trump’s tax cuts — though tax rates for those making below that amount would remain untouched. It additionally calls for investors making at least $1 million to pay that 39.6% on their long-term investments, which are currently taxed at a 20% rate.