The top rate of federal income tax was set at 39.6% many years ago; I can't remember when exactly, but definitely by the time of Bush's 2001 tax cuts. It's been there ever since, except under the TCJA regime where it's been at 37%. There have been calls from various Democrats to pre-emptively restore the old rate and Joe Biden stated it again in his latest budget.
Why is a 39.6% top rate of tax such a totemic figure for Democrats, above - and notwithstanding - their support for TCJA expiry? What is achieved at 39.6% taxation that 39%, 39.5%, 40%, or even 39.9% would not achieve? Why was it even set there in the first place?
It was a newly created bracket in 1993 under Clinton along with 36%. But there were much higher top tax brackets, Reagan cut the top tax bracket from 70% at the start of his presidency to 28%. Whenever the United States fought wars or had an economic shock one of the first things Congress and the President would do was raise the top tax rate.