Biden will seek to raise taxes on richest Americans to fund sweeping education and child care proposals
CNN
President Joe Biden is preparing to outline the next step of his economic agenda during a joint session to Congress next week and his proposal to pay for it is expected to include new taxes on the wealthiest Americans.
Multiple sources familiar with the discussions underway tell CNN that Biden's forthcoming American Family Plan could nearly double the capital gains tax for people who make more than $1 million a year by taxing it like wages and salaries, and raise the top marginal income tax rate from 37% to 39.6% for households making $400,000 or more in income.More Related News