President Biden will use his first address to a joint session of Congress to call for raising taxes on the wealthiest to pay for the American Families Plan.
The $1.8-trillion-dollar plan would invest billions of dollars in childcare, paid family leave, and education. It would nearly double the capital gains tax to 39-point-six percent for people earning more than a million dollars a year.
The plan also would raise the top marginal income tax rate back to 39-point-five percent. The Republicans’ 2017 tax cut lowered it to 37-percent.
Meanwhile, as President Biden is just about to reach his 100th day in the White House and he’s getting mixed reviews.
Democrats are pretty happy with accomplishments like Biden’s coronavirus relief plan. They’re also pleased by the large and the growing number of Americans getting vaccinated. Republicans, however, don’t like much of anything Biden has done.
House Minority Leader Kevin McCarthy calls Biden’s first 100 days bait-and-switch.
McCarthy said Tuesday on Fox News, “The bait was he was going to govern as bipartisan, but the switch is he’s governed as a socialist.”
The president is set to address a joint session of Congress in primetime tonight at 9 pm Eastern.