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White House press secretary Jen Psaki said Monday that President Biden will unveil a tax-increase proposal to pay for the first part of his sweeping, multitrillion-dollar infrastructure plan this week.
Biden is slated to travel to Pittsburgh on Wednesday to announce details of the next big-ticket economic package, which will serve as the basis of his "Build Back Better Plan," Psaki told reporters. He will also lay out how he intends to pay for the package.
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"We'll have more to say about it once we actually roll out the package, but what we want to make clear, the president has a plan to fix our infrastructure and a plan to pay for it," she said during the daily White House press briefing.
Specific details of the measure are still unknown, but it's widely expected to include a slew of tax hikes, including raising the corporate tax rate to 28% from 21%, increasing the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.
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The Washington Post reported on Monday the proposal could include as much as $4 trillion in new spending and more than $3 trillion in tax increases.
The Biden administration is planning to break up the legislative effort into two main components: One focused primarily on infrastructure and clean energy investments — which Biden will introduce on Wednesday — and a second centered on issues like child care and universal pre-kindergarten that will be rolled out in April, Psaki said.