In a televised speech he will make before both houses of Congress on Wednesday, April 28, President Biden plans to unveil “The American Families Plan,” a new tax plan aimed at making the nation’s millionaires pay for desperately needed social support, including increases in childcare spending, education, and paid leave.
Ayesha Rascoe of NPR has reported that, in order to fund the proposal, Biden will ask Congress to raise taxes on the sale of stocks and other types of investments.
“The proposal, which is certain to face resistance from Republicans and even some Democrats, calls for hiking capital gains taxes for those who make more than $1 million a year,” Rascoe said.
