Biden to propose major tax hikes as part of administration's plan to cut deficit

President Biden is reportedly planning to unveil a series of major tax hikes on billionaires, investors, and those making above $400,000 as part of his administration's aim to reduce the deficit. 

The budget request, slated for release on Thursday, calls for a 25% minimum tax on billionaires and would nearly double the capital gains tax rate from 20% to 39.6%. 

The proposal, first reported by Bloomberg, would increase the top tax rate for Americans earning $400,000 from 37% to nearly 40% – reversing President Trump’s signature tax cuts. The tax rate for those earning less than $400,000 would remain the same, according to the report.