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.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
- The Moneyist: My ex-husband moved in. He pays $150 for cable, his only expense, and gives me the silent treatment if I ask him to pay for dinner - May 6, 2021
- Tax Guy: How do nanny taxes work? They’re complicated, but skipping them is a mistake - May 6, 2021
- MarketWatch First Take: Uber investors finally see the costs of treating drivers as employees, and the stock is falling - May 5, 2021