One of the New Biden Tax Plans is The American Families Plan. Our goal is to help inform you with the basics. The American Families Plan was introduced by President Biden at the end of April. The action plans address insurance premium costs, basic expenses, and investing in the children of this country. 

I covered in a previous segment the Child Tax Credit Payments. As for tax rates, people who are making over $1 million a year would become subject to a tax rate of 39.6% on all of their income. This includes removing the current capital gains tax rate (20%) for those making over $1 million. That income would then be taxed at 39.6%, plus the 3.8% NII surtax, totaling a 43.4% tax rate for capital gains.

Other plans are on public education and an investment of $225 billion would be used to help American families with childcare, paid leave from work, and nutrition programs.