Individuals earning more than $452,700 and married couples earning more than $509,300 would see their marginal tax rate increase from 37% to 39.6% in 2022 under President Joe Biden's proposed tax changes in the American Families Plan, a White House official confirmed to CNBC Make It Thursday.

Axios first reported the income thresholds for the tax bump earlier Thursday. Previously, Biden had said that only those in the top 1% would see an increase, but didn't offer specific income thresholds.