Joe Biden is preparing to announce a string of tax increases on wealthy Americans, including a nearly doubling of levies on capital gains for people earning more than $1m, to pay for a massive increase in funding for childcare and education.
The economic package from the White House, which is worth more than $1tn, could be announced as early as next week, according to people familiar with the matter, when Biden is scheduled to address a joint session of Congress for the first time since becoming US president.
The tax increases would reverse some of the tax cuts passed in 2017 by former president Donald Trump and are expected to track Biden’s campaign proposals, which targeted individuals earning more than $400,000 per year.
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