Biden To Propose Major Tax Hikes As Part Of Administration's Plan To Cut Deficit

Biden To Propose Major Tax Hikes As Part Of Administration's Plan To Cut Deficit

Biden's budget request calls for a 25% minimum tax on billionaires and would nearly double the capital gains tax rate from 20% to 39.6%. The plan is part of Biden’s larger proposal to cut deficits by nearly $3 trillion over the next decade. Senate Minority Leader Mitch McConnell said Tuesday the plan "will not see the light of day"