President Biden preparing tax plan that would raise taxes on the wealthiest Americans

CNN– President Joe Biden is preparing a plan to raise taxes on the wealthiest Americans. The increases are expected to nearly double the capital gains tax for people who make more than $1 million per year. The tax bracket for households earning $400,000 or more is also expected to go from 37% to 39.6%.

It’s to pay for his trillion dollar American Family Plan, which will fund things like child care, paid family leave and free community college tuition.