White House defends Biden's raid on the richest 0.3%: Top economic advisor says almost doubling capital gains to 39.6% for those earning over $1M will only impact 500,000 Americans | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

White House defends Biden's raid on the richest 0.3%: Top economic advisor says almost doubling capital gains to 39.6% for those earning over $1M will only impact 500,000 Americans

White House officials on Monday defended Joe Biden's tax hike on the wealthy to pay for his $1.8 trillion 'human infrastructure' plan but couldn't address some specifics what the president has planned.

Biden will announce this week his proposal to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. It would be the highest tax rate on investment gains since the 1920s.

'This change will only apply to three tenths of a percent of taxpayers, which is not the top 1 percent, it's not even the top one half of 1 percent. We're talking about three tenths of a percent, that's about 500,000 households in the country,' he said at the daily White House press briefing. 'So, for the other 997 out of 1000 households in the country, or the other 150 million households in the country, this is not a change that will be relevant.'

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