U.S. President Joe Biden unveiled a proposal of $6 trillion budget.
The plans include proposals for a $2.3 trillion infrastructure plan and $1.8 billion in spending on education and families. Both of these, however, are facing pushback from Congressional Republicans.
The plan indicates spending of $6 trillion, $4.2 trillion in revenue, with a $1.8 trillion deficit for fiscal year 2022.
Biden’s proposal mentions a 39.6% top tax rate on capital gains and dividends for millionaires. Currently, the wealthiest Americans incur a top federal tax rate of 20% on those returns, if the asset is held for more than a year.