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Biden To Propose 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 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 $1 million a year. The plan also would raise the top marginal income tax rate back to 39.5%. The Republicans' 2017 tax cut lowered it to 37%.

According to Bloomberg, the plan would also include making preschool and community college free across the country as well as extend child tax credit through 2025.

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