Joe Biden wants to raise taxes on the richest 0.3 percent

 Sylvie Claire / April 25, 2021

U.S. President Joe Biden wants to raise taxes on capital income for the richest 0.3% of Americans, the White House confirmed Monday.

The tax increase is part of a tax reform effort to reward work, not just wealth, said Brian Deese, Biden's top economic adviser.

The reform bill, which is expected to face an uphill battle in Congress, will only affect taxpayers earning more than $1 million a year, he said.

According to him, only 0.3% of taxpayers, or about 500,000 households, are affected.

For 997 households out of 1,000, this change will have no impact, he insisted.

According to several American media, this tax rate could be almost doubled, from 20% to 39.6%.

This tax reform aims to finance the American Families Plan, a set of investments focused on children, families and health, which Joe Biden will outline on Wednesday evening during his first speech to Congress.