4/22, 4:46 PM (Source: TeleTrader)
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Biden to raise top marginal income, capital gains tax - report

United States President Joe Biden is expected to announce tax hikes for top earners in order to raise funds for education and childcare programs, the New York Times reported on Thursday. According to people familiar with the matter, he is set to propose bringing the top marginal income tax rate up to 39.6%, after it was cut to 37% under the Trump administration. In addition, he will reportedly call for an increase in taxes on capital gains for people earning more than $1 million.

Sources added the money raised will not be used to expand health coverage or reduce prescription drug prices, as healthcare will be tackled "as a separate initiative." The funds will instead be spent on "on universal pre-kindergarten, expanded subsidies for child care, a national paid leave program for workers and free community college tuition for all," among other projects.

Breaking the News / DJ