Biden to propose raising taxes on wealthy and on capital gains to fund childcare
The Hindu
Any such hike would need to go through Congress, where Biden’s Democratic Party holds narrow majorities and is unlikely to win support from Republicans.
President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans and their investments to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal said. The plan, part of the White House’s push for a sweeping overhaul of the U.S. tax system to make the rich and big companies pay more, calls for increasing the top marginal income tax rate to 39.6% from 37% and nearly doubling taxes on capital gains to 39.6% for people earning more than $1 million, according to the sources this week.
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