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

The White House says President Biden will outline his American Families Plan and how to pay for it during his address to Congress Wednesday.

White House Press Secretary Jen Psaki said last week the plan will address child care, education and climate change. It will reportedly cost over $1.5 trillion.

The administration did confirm one part of the president's plan to pay for it, which is increasing the capital gains tax.

White House National Economic Council Director Brian Deese says the tax increase will only apply to 0.3 percent of taxpayers, or about 500,000 households.

"For the other 997 out of 1,000 households in the country, or the other 150 million households in the country, this is not a change that will be relevant," Deese said. "It won't change the tax treatment of capital gains at all."

The president has pledged that Americans making under $400,000 won't see their income taxes increase.