The American Families Plan Fact Sheet

President Biden outlined some of his tax proposals in his address to Congress on April 28. The White House also released a fact sheet on The American Families Plan, which contains tax breaks for low-and-middle-income taxpayers and tax increases on those making over $400,000 per year.

The proposals include: extending the increased 2021 Child Tax Credit through 2025; permanently raising the Child and Dependent Care Credit; increasing the top individual tax rate from 37% to 39.6% (applying to those in the top 1%); and increasing the tax on capital gains for households making over $1 million to 39.6%.

The proposals would have to be passed by Congress. The fact sheet: https://bit.ly/3gPrF5Y