Biden wants wealth taxes to fund children’s services, sources say By Reuters

par Jarrett Renshaw et Trevor Hunnicutt

WASHINGTON (Reuters) – US President Joe Biden is set to propose a wealth tax hike next week to fund major investments in children’s services as well as paid leave for employees, a- we learned Thursday from sources familiar with the matter.

The Democratic tenant of the White House will propose to raise the marginal tax rate from 37% to 39.6% and to almost double the taxes on capital gains, to bring them again to 39.6%, for Americans with annual incomes exceeding $ 1 million, the sources said.

Speaking to reporters, the White House spokeswoman confirmed that Joe Biden will discuss his “Plan for American Families” during his address to Congress next week. Jen Psaki declined to provide further information.

According to the sources, details of the project will be communicated next week, ahead of Joe Biden’s speech on Wednesday at a joint session of the two chambers of Congress.

Jen Psaki said the administration has yet to finalize the project. She underscored the President’s determination to invest more in children’s services, be it nurseries or education, and to make American workers more competitive.

In Joe Biden’s eyes, the White House spokeswoman said, the measures can be funded by the wealthiest Americans and large corporations that can withstand higher taxes.

Asked whether the project is deterring investors in the United States, Jen Psaki said the president and his economic advisers do not anticipate a negative impact with the project.

Congress, which will be responsible for deciding on tax measures, is widely divided on the issue.

This project, which is expected to cost around $ 1,000 billion, comes in addition to the vast plan for infrastructure and employment of $ 2.3 trillion presented by Joe Biden and which is already arousing strong opposition among Republicans.

(Jarrett Renshaw, Trevor Hunnicutt, Andrea Shalal, David Lawder, Dan Burns; version française Jean Terzian)

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