Biden to reveal plan for major tax hike for wealthy

The president will unveil the next part of his infrastructure plan, which is expected to cost around $3 trillion and hopes to be paid for by proposing a tax hike on wealthy Americans and investors.
1:18 | 04/23/21

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Transcript for Biden to reveal plan for major tax hike for wealthy
We turn now to Washington where president Biden is set to reveal his next big agenda item and his plan to pay for it with a major tax hike for the wealthy. Senior white house correspondent Mary Bruce has all the details on that. Good morning, Mary. Reporter: Good morning, Michael. Well, we're told the president will reveal the details of this plan next week at his big address before congress. This is the second part of his ambitious and costly infrastructure plan and it is expected to focus on education and child care. Things like family leave, universal pre-k and tuition-free community college. These are measures that the white house refers to as human infrastructure and this plan is expected to cost at least another trillion dollars, now, to pay for all of this the president is reportedly going to propose raising taxes on the most wealthy Americans and wealthy investors considering raising the top income tax bracket from 37% to 39.6%. As well as nearly doubling the capital gains tax on top earners. Now, the white house isn't talking specifics or details about this just yet and say this is all still in flux but stressing the president's commitment not to raise taxes on anyone making less than $400,000 a year but this plan is likely to face stiff opposition on capitol hill from Republicans who have made it clear they are against these kinds of tax increases. All right, Mary, thank you so much for that.

This transcript has been automatically generated and may not be 100% accurate.

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