Rate selection with margin sharing in a system with independent data stream rates is presented. Signal-to-Noise Ratio (SNR) estimates are obtained for each stream. Rates are selected for the streams based on the SNR estimates, such that at least one data stream has an SNR margin below a threshold, each remaining data stream has an SNR margin above a respective threshold, and the total SNR margin for all streams is above a total threshold. For rate selection with margin sharing with a vector-quantized rate set, SNR estimates are obtained for usable transmission channels. The total SNR margin is determined for each rate combination based on the estimates. Each rate combination is associated with a specific number of data streams to transmit, a specific rate for each data stream, and a specific overall throughput. The combination with the highest overall throughput and non-negative total SNR margin is selected.