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Political reality is likely to curb, not stop, Biden’s proposed tax increases Narrow Democratic majorities in the House and Senate provide plenty of political obstacles that could impede the president s tax plan. April 29, 2021 4 MINS President Biden is likely to succeed in raising taxes on the wealthy but not as much as he is proposing, experts said. Biden introduced Wednesday night the American Families Plan, a $1.8 trillion package of spending to expand education, childcare, nutrition and other programs and establish national paid family and medical leave. He would pay for his ambitious social policy reform by raising taxes on high-income earners. His proposals include boosting the highest individual rate to 39.6% for people making more than $400,000 annually, increasing capital gains rates from 20% to more than 40% for households making more than $1 million annually and ending the step-up basis for inherited assets for capital gains in excess of $

United statesMiller chevalierDonald trumpGreg valliereBrian gardnerJorge castroKamala harrisSenate financeStifel financial corpSenate finance committeePresident bidenAmerican families planAmerican jobs planStifel financialVice president kamala harrisPresident donald