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If President Biden's Build Back Better agenda passes the Senate in its current form, the US would have the highest top income tax in the developed world.
The average top tax rate would reach 57.4 percent, and the top rate would breach 50 percent in all 50 states.
The top marginal tax rate at the federal level would be 51.4 percent. Most states also deduct an income tax, the average being 6.0 percent, which would bring the top rate to 57.4 percent.
The top marginal tax rate on income at the federal level is currently 37 percent, scheduled to raise to 39.6 percent in 2026. The marginal rate only applies to those making above the top threshold of half a million dollars per year.
The new top rate would surge the US to the front of the pack of the 38-member Organisation for Economic Co-operation and Development - ahead of Japan at 55.9 percent, France at 55.4 percent, Austria at 55.0 percent and Greece at 54.0 percent, according to the Tax Foundation.
The US' current top income tax rate, 42.9 percent, leaves the
