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Biden Proposes Tax Hike On Wealthy To Pay For Families Plan

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President Joe Biden speaks about COVID-19, on the North Lawn of the White House, Tuesday, April 27, 2021, in Washington. (AP Photo/Evan Vucci)

President Biden will use his first address to a joint session of Congress to call for raising taxes on the wealthiest to pay for the American Families Plan.

The one-point-eight-trillion-dollar plan would invest billions of dollars in child care, paid family leave, and education. It would nearly double the capital gains tax to 39-point-six percent for people earning more than a million dollars a year.

The plan also would raise the top marginal income tax rate back to 39-point-five percent. The Republicans’ 2017 tax cut lowered it to 37-percent.

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