Biden to propose tax hike on richest to pay for investments

WASHINGTON: President Joe Biden will propose a tax hike on the investment gains of the wealthiest individuals to pay for his new plan to help US families, a top White House economist said Monday.

Biden this week is expected to lay out his $1.8 trillion American Families Plan that would provide national child care, paid family leave and free community college, using higher taxes on the rich to offset the hefty price tag.

The increased levy on the profits earned from sales of stocks and other assets will only impact those earning $1 million a year, a narrow sliver of American taxpayers comprising 500,000 people, said Brian Deese, head of the White House National Economic Council.

“This change will only apply to three tenths of a percent of taxpayers, which is not the top one percent, it’s not even the top one half of one percent,” he told reporters, citing 2018 tax…