Pres. Biden To Propose Capital Gains Tax Under American Families Plan

The American Families Plan, discussed in a recent address to Congress, aims to address child care, education, and climate change, with a projected cost of over $1.5 trillion. To fund this, the administration plans to increase the capital gains tax, affecting only 0.3% of taxpayers, or about 500,000 households. The majority of households will not see changes in their tax treatment. Additionally, the president has pledged that Americans earning under $400,000 will not experience an increase in income taxes.

How many households will be affected by the capital gains tax increase?

What pledge has the president made regarding income taxes for Americans making under $400,000?