Biden tax plan would raise $1.5 trillion from the wealthy


President Joe Biden addresses a joint session of Congress in Washington on April 28, 2021.

Melina Mara | Reuters

Taxes may soon be going up for the wealthy.

President Joe Biden aims to fund expanded education, child care, paid leave and other reforms by collecting more tax revenue from Americans who make more than $400,000 a year.

He would do so by raising the top income and capital gains tax rates, changing the taxation of wealthy estates, closing so-called tax loopholes and focusing audits of the rich to prevent tax evasion.

All told, the American Families Plan would raise $1.5 trillion over a decade by taxing the highest earners, according to the White House.

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