Biden to seek tax increase on rich to fund child care, education: NYT

U.S. President Joe Biden will announce a plan to raise taxes on the wealthiest Americans to fund childcare and education programs and other spending plans, the New York Times reported on Thursday citing sources familiar with the proposal.

Biden would raise taxes on capital gains — profits made from selling assets like stocks — for people earning more than $1 million, effectively increasing the rate they pay on that income to 39.6 percent from 20 percent, the paper said.

Biden is expected to announce the plan in his first address to a joint session of Congress next week.