US: Biden seeks tax hikes on rich to fund child care, education ...United Arab Emirates

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US: Biden seeks tax hikes on rich to fund child care, education
Washington: President Joe Biden will seek new taxes on the rich, including a near doubling of the capital gains tax for people earning more than $1 million (Dh3.67 million) a year, to pay for the next phase in his $4 trillion plan to reshape the American economy. Biden will also propose raising the top marginal income tax rate to 39.6 per cent from 37 per cent, the level it was cut to by President Donald Trump's tax overhaul in 2017. The proposals are in line with Biden's campaign promises to raise taxes on the wealthy but not on households earning less than $400,000. What else will it include? The president will lay out the full proposal, which he calls the American Family Plan, next week.

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