Finance

Biden tax plan would raise $1.5 trillion from the wealthy

0


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.

More from Personal Finance:



Source cnbc.com

Neuralink cofounder Max Hodak leaves Elon Musk’s brain implant company

Previous article

Duke, Vanderbilt, Rutgers have connections

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Finance