President Joe Biden will use a speech to Congress next week to outline his “American Families Plan,” White House press secretary Jen Psaki said Thursday. The plan is expected to focus on policies including paid family leave, childcare and free community college. Asked about a report that Biden will propose nearly doubling capital gains taxes on wealthy Americans to help pay for the plan, Psaki said she wouldn’t get ahead of Biden’s final decisions. She reiterated his pledge not to raise taxes on anyone making less than $400,000 a year. “We’re still finalizing what the pay-fors look like,” she said. U.S. stocks turned south in afternoon trade after a report said Biden is weighing the capital-gains proposal.
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