President Joe Biden is calling to hike the top income tax rate back to where it was before the Trump tax cuts and nearly double capital gains rates for top earners to fund his phase two of his ‘human infrastructure’ plan.’
The moves to raise revenue would be used to pay for education, labor programs, universal pre-K, and continuation of an expanded child tax credit – all proposals Biden plans to spell out in an address to Congress next week.
The president would push the top income tax rate up to 39.6 per cent – where it was before Trump’s 2017 tax cuts. Capital gains – where Biden has already called for changes to end a major ‘loophole,’ would jack up rates from their current 20 per cent for those earning more than $1 million.
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