By Tom Wheelwright President Joe Biden’s long-proposed plans to increase the top income rate, capital gains, and corporate tax means that a well-thought-out strategy is more important than ever as we head into the end of the year. While not all of these proposals will be enacted, the best way to reduce their impact to potentially increase your financial burden is to update your tax plan. Increase in Individual Income Taxes Considering how long Biden has vowed to increase the top individual income tax rate, it’s safe to assume that this will be passed at some point, likely through budget reconciliation. If passed as proposed, this would boost the current rate from 37 percent to 39.6 percent. Related: 5 Tax Tips Every Cryptocurrency Investor Needs to Know Now Corporate Taxes Will Increase Biden has his sights set on increasing the domestic corporate tax rate from 21 percent to 28 percent, …