Biden seeking to raise taxes on rich to fund education

WASHINGTON, D.C. (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 percent to 39.6 percent.

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.

Biden is expected to detail that plan during a joint session of Congress next week but it hasn’t been finalized yet.

There’s some disagreement among Democratic lawmakers about a provision to lower prescription drug costs. The White House says as of now, that’s not part of the plan.

Raising taxes on the wealthiest Americans was a part of Biden’s presidential campaign.

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