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Biden wants to entirely pay for trillions in new spending by raising taxes on corporations and the wealthy


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The White House’s ambitious plans for more than $4 trillion in new spending on infrastructure, health care, and education will be completely paid for by new taxes on corporations and wealthy investors, President Joe Biden will announce Wednesday, Axios reported.

The elements of the plan include nearly doubling the capital gains tax to 39.6% for investors who earn more than $1 million. Biden also wants to increase the marginal income tax rate for the country’s wealthiest taxpayers from 37% to 39.6%.

According to Axios, the Biden administration will argue these tax increases are sufficient to details ⇒

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