American president Joe Biden confirmed his already leaked tax plans on Wednesday evening during his ‘American Families Plan’.
The president wants to raise the capital gains tax for wealthy Americans, that is, households that earn more than a million, from the current 20 to 39.6 percent.
In combination with an existing surcharge on investment income, the effective tax rate for investors is around 43 percent.
Biden also announced that he would invest $ 1.8 trillion in domestic priorities such as education and child care.