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US President to propose new tax increase on rich

US President Joe Biden may soon impose a new tax in the country.  As per reports, Joe Biden administration will impose a new tax on rich people .The US administration plans to collect about US dollar 1 trillion. The money collected through this tax will be used childcare, universal pre-kindergarten education and paid leave for workers.

The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%. It would also nearly double taxes on capital gains to 39.6% for people earning more than US dollar 1 million. This would be the highest tax rate on investment gains.

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This will be the highest tax rate on investment gains, paid by the wealthiest Americans, since the 1920s. The rate has not exceeded 33.8% after Second World War. The new tax plan will not affect US families earning less than US dollar 400,000 a year.


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