President Joe Biden Announced His American Families Plan

President Joe Biden unveiled his American Families Plan, which seeks to raise $1.5 trillion over a decade through higher taxes on the top 1%.

The revenue is to fund expanded education, child care and paid leave. The Biden tax plan would raise levies on capital gains and ordinary income and increase tax audits for those earning more than $400,000 a year.

President Joe Biden wants to fund expanded education, child care, paid leave and other reforms by collecting tax revenue from Americans who make more than $400,000 a year, by raising the top income and capital gains tax rates, changing the taxation of wealthy estates, closing tax loopholes and focusing audits of the rich to prevent tax evasion.

All told, the American Families Plan would raise $1.5 trillion over a decade by taxing the highest earners, according to the White House.

"I think you should be able to become a billionaire or a millionaire," Biden told Congress on Wednesday night in a speech outlining his agenda. "But pay your fair share."

The richest 1% of taxpayers, average income of $2.2 million, and would shoulder the burden of the tax hike.

Photos by Getty Images

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