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.