President Joe Biden is preparing to outline the next step of his economic agenda during a joint session to Congress next week and his proposal to pay for it is expected to include new taxes on the wealthiest Americans.

Multiple sources familiar with the discussions underway tell CNN that Biden’s forthcoming American Family Plan could nearly double the capital gains tax for people who make more than $1 million a year by taxing it like wages and salaries, and raise the top marginal income tax rate from 37% to 39.6% for households making $400,000 or more in income.

The idea of the proposed changes is to reward “work, not wealth,” a concept Biden championed on the campaign trail and which has been a driving force behind his economic policies since taking office.

The President has pledged not to raise taxes on those earning less than $400,000 a year, which is more than 90% of taxpayers.

Biden is also proposing to tax the value of capital gains of assets passed on at death, which currently are not taxed.

The proposal would make good on Biden’s campaign trail promise to raise taxes on the wealthiest Americans and corporations and is his way of funding the American Family Plan, which is currently expected to clock in around $1 trillion. The sweeping plan will be centered around child care, paid family leave, education funding like free community college tuition and other domestic priorities. Details of what the White House is billing as “human infrastructure” are slated to be released Monday and Tuesday.

The proposal is still coming together, with lowering prescription drug prices being a key sticking point. As of now, this is not part of the plan, a White House official said, because of deep disagreement among Democratic lawmakers.

White House officials stressed that the details of the plan haven’t been finalized and could change before Biden introduces it next week. He is continuing to hold meetings with policy aides to finalize the details.

Biden and other top White House officials like Vice President Kamala Harris are expected to hit the road to sell the plan next Thursday or Friday.

The first part of Biden’s plan to help the nation’s economy recover from the coronavirus pandemic is a roughly $2 trillion infrastructure and jobs proposal. The plan, which the President unveiled last month, would invest in and improve the nation’s infrastructure and shift to greener energy over the next eight years.

The President plans to pay for the first part of his recovery package by raising corporate taxes, which is another core campaign promise. Biden would raise the corporate income tax rate to 28%, up from 21%. The rate had been as high as 35% before former President Donald Trump and congressional Republicans cut taxes in 2017.

The Biden administration says this corporate tax hike would raise more than $2 trillion over the next 15 years. The President has said he is open to negotiating and compromising over how to pay for the bill and has held meetings with Republican and Democratic lawmakers at the White House to discuss the proposal.

Getting this legislation through Congress is expected to be a months-long process. Democrats have the slimmest of majorities in the House and Senate and are not united on how best to move forward with shepherding the legislation through Congress.

Many Republicans on the Hill are balking at the infrastructure proposal’s price tag and take issue with its broad definition of infrastructure and a proposed corporate tax hike.

The President has warned that inaction on the infrastructure proposal is not an option and has suggested if he doesn’t garner enough bipartisan support, he could attempt to move forward with the same process that allowed him to pass his sweeping $1.9 trillion Covid-19 relief package without any Republican votes. That reconciliation process would only require a simple majority instead of 60 votes in the Senate.

Biden has pitched his plan as an investment to benefit communities of color, rural Americans and others burdened by decay or lagging modernization.

A central focus of the proposal is addressing the climate crisis and pushing for a green power revolution. Included in Biden’s infrastructure proposal is a provision that would require every state to generate all of its electricity by 2035 from fuels that do not produce any of the carbon emissions linked to global climate change.

By Freedom

The editors and writers of Patriots4Freedom are dedicated to searching out threats to American Freedom. Don't stand by while the nanny state takes away your choices, or Big Tech stifles your free speech. Take a stand and fight for your liberty!

51 thoughts on “Biden to Raise Taxes to Fund Sweeping Education and Child Care Proposals”
  1. Leave it to the stinking RAT Leftists to go after everyone’s money again. When you tax the “Evil” so-called rich and up corporate taxes, they just quite hiring, lay people off and move their manufacturing to another country. Trump put people back to work. This vacuous imbecile and his cabal of leftist fools are going to unemploy America again, as they flood it with illegal aliens. Tax Tax Ta x and spend your money on absolute BS.
    This is what we get when we allow fraud to elect a communist puppet.

  2. Communist sleepy bozo Biden is a moron
    If the dem o rats take away everyones profit from investing then do not sell them very slowly or do not invest in stocks so the dem o rats can not steel the fruits of your work
    Actions like this will slow or stop any kind if investing.
    If I take a risk in an investment why would I want to give the fruits of my work to a deadbeat or an illegal. I despise all dem o rats
    If the dem o rats stay in power I will move to Texas when they become an independent state to get away from these morons

  3. Quote: “Biden is also proposing to tax the value of capital gains of assets passed on at death, which currently are not taxed.” Assets passed on at death give the inheritors ZERO cash until/unless they are sold. Sounds like but can’t tell with so many details left out, that if grandparents buy 50 acres at $1 per acre, passed it on to the parents who also did nothing with it and pass it on to you but now with inflation and build up within the area, that land is valued at $1 million per acre you will have to pay tax on the capital gains of $49,999,950.00, which you did not receive because the land was not sold.

  4. Hello there, just became alert to your blog through Google,
    and found that it’s really informative. I’m gonna watch out for brussels.
    I’ll appreciate if you continue this in future.
    Numerous people will be benefited from your writing. Cheers!

  5. You actually make it appear so easy together with your presentation but
    I to find this topic to be actually something which I feel I would by no
    means understand. It sort of feels too complex and extremely wide for me.
    I’m taking a look forward on your next post, I’ll attempt to
    get the dangle of it!

  6. Hey I know this is off topic but I was wondering if you knew of any widgets
    I could add to my blog that automatically tweet my newest
    twitter updates. I’ve been looking for a plug-in like this for quite some time and
    was hoping maybe you would have some experience with something
    like this. Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your new updates.

  7. I do consider all of the ideas you’ve presented for your post.
    They’re really convincing and will certainly work.
    Nonetheless, the posts are too short for starters. May just you please
    lengthen them a little from next time? Thanks for
    the post.

  8. Having read this I believed it was extremely informative. I appreciate you taking the time and energy to put this content together. I once again find myself spending a significant amount of time both reading and leaving comments. But so what, it was still worth it!|

  9. I’m not sure exactly why but this web site is loading incredibly slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later and see if the problem still exists.|

  10. I am curious to find out what blog system you’re working with? I’m experiencing some minor security issues with my latest website and I’d like to find something more secure. Do you have any recommendations?|

  11. I’m not that much of a internet reader to be honest but
    your sites really nice, keep it up! I’ll go ahead and bookmark your website to
    come back in the future. All the best

  12. When someone writes an post he/she retains the plan of a user in his/her brain that how a user can know it. Therefore that’s why this post is outstdanding. Thanks!|

  13. I absolutely love your website.. Excellent colors & theme. Did you develop this amazing site yourself? Please reply back as I’m attempting to create my own personal website and want to find out where you got this from or just what the theme is called. Many thanks!|

  14. Thanks for the good writeup. It if truth be told used to be a entertainment account it. Look complicated to far brought agreeable from you! However, how could we keep up a correspondence?|

  15. I am not sure where you’re getting your info, but good topic. I needs to spend some time learning more or understanding more. Thanks for excellent information I was looking for this info for my mission.|

  16. Does your website have a contact page? I’m having a tough time locating it but, I’d like to send you an e-mail. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great site and I look forward to seeing it expand over time.|

  17. I am not sure where you are getting your information, but great topic. I needs to spend some time learning much more or understanding more. Thanks for magnificent information I was looking for this information for my mission.|

  18. I’m really enjoying the design and layout of your site. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a developer to create your theme? Great work!|

  19. I have been surfing on-line more than three hours lately, yet I never discovered any fascinating article like yours. It is beautiful value enough for me. In my opinion, if all web owners and bloggers made just right content material as you did, the web will likely be a lot more helpful than ever before.|

  20. Howdy! Do you know if they make any plugins to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?|

  21. Its like you read my mind! You appear to know a lot about this, like you wrote the book in it or something. I think that you can do with a few pics to drive the message home a bit, but instead of that, this is magnificent blog. An excellent read. I’ll definitely be back.|

  22. Nice post. I learn something new and challenging on websites I stumbleupon everyday. It’s always interesting to read through articles from other writers and use a little something from other websites. |

  23. Amazing! This blog looks exactly like my old one! It’s on a completely different topic but it has pretty much the same layout and design. Great choice of colors!|

  24. I just could not depart your web site before suggesting that I actually enjoyed the usual information an individual supply in your guests? Is going to be again ceaselessly to investigate cross-check new posts|

  25. Hey there! I’ve been reading your weblog for a while now and finally got the bravery to go ahead and give you a shout out from New Caney Tx! Just wanted to mention keep up the fantastic work!|

  26. We are a bunch of volunteers and opening a brand new scheme in our community. Your web site offered us with helpful information to work on. You’ve done a formidable activity and our whole group shall be thankful to you.|

  27. naturally like your web site however you have to test the spelling on quite a few of your posts. A number of them are rife with spelling issues and I to find it very bothersome to tell the reality however I’ll surely come back again.|

  28. I have been browsing online more than three hours nowadays, yet I never found any attention-grabbing article like yours. It’s pretty value enough for me. In my opinion, if all webmasters and bloggers made good content as you did, the web can be much more useful than ever before.|

  29. Hi! Do you know if they make any plugins to help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains. If you know of any please share. Many thanks!|

  30. Having read this I thought it was really informative. I appreciate you taking the time and effort to put this content together. I once again find myself personally spending a lot of time both reading and commenting. But so what, it was still worthwhile!|

  31. We’re a gaggle of volunteers and starting a new scheme in our community. Your website offered us with useful info to work on. You’ve performed an impressive activity and our whole community will likely be thankful to you.|

  32. Have you ever thought about adding a little bit more than just your articles? I mean, what you say is important and all. Nevertheless just imagine if you added some great pictures or videos to give your posts more, “pop”! Your content is excellent but with pics and clips, this website could certainly be one of the most beneficial in its field. Awesome blog!|

  33. For most recent information you have to pay a quick visit world-wide-web and on web I found this site as a most excellent website for most up-to-date updates.|

Comments are closed.