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Biden Proposes Tax Hike On Wealthy To Pay For Families Plan

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 1.8 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 39.6 percent for people earning more than a million dollars a year. 

The plan also would raise the top marginal income tax rate back to 39.5 percent. 

The Republicans' 2017 tax cut lowered it to 37 percent.

Photo: Getty Images


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