Biden to propose raising taxes on wealthy and on capital gains to fund childcare

2021-04-22T191200Z_2_LYNXMPEH3L17Y_RTROPTP_4_USA-BIDEN-SMALL-BUSINESS-1200×835-1

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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