President Biden Certainly Gets It Right Again...
Biden Will Seek Tax Increase on Rich to Fund Child Care and Education President Biden is set to detail the full proposal, which will set up a clash with Republicans, next week. Al Drago for The New York Times WASHINGTON — President Biden will seek new taxes on the rich, including a near doubling of the capital gains tax for people earning more than $1 million a year, to pay for the next phase in his $4 trillion plan to reshape the American economy. Mr. Biden will also propose raising the top marginal income tax rate to 39.6 percent from 37 percent, the level it was cut to by President Donald J. Trump’s tax overhaul in 2017. The proposals are in line with Mr. Biden’s campaign promises to raise taxes on the wealthy but not on households earning less than $400,000. The president will lay out the full proposal, which he calls the American Family Plan, next week. It will include about $1.5 trillion in new spending and tax credits meant to fight poverty, reduce child care costs for f...