President Joseph Biden used an address to a joint session of Congress Wednesday to promote trillions of dollars in spending on education, childcare and infrastructure over the next 10 years.
Among other elements, Biden wants to spend $200 billion on universal pre-school for 3- and 4-year-olds and more than $100 billion for two years of free community college for all Americans.
To pay for the plan, Biden proposed raising the top marginal tax rate on wealthy Americans to 39.6% from 37%, a near doubling on capital gains taxes for Americans earning more than $1 million, and closing a variety of tax loopholes. Biden said his proposals would affect less than one percent of Americans.
Ben Barzideh, a chartered financial consultant at Piershale Financial Group, in Barrington Il. said in comments ahead of the speech that "I think very few people would be impacted by this tax hike at all."
Biden called his proposals "a blue collar blueprint to build America" and added that "trickle down economics has never worked."
The speech, in the House of Representatives, was attended by about 200 lawmakers and government officials, wearing masks and socially distanced.
It marked Biden's first public appearance in the chamber as president and comes just as his first 100 days in office are coming to a close.
Biden also urged Americans not to relent in efforts to control the COVID-19 pandemic. Nearly 100 million have been fully vaccinated.
More than 140 million Americans have received at least one dose of a COVID-19 vaccine, according to Centers for Disease Control data. The pandemic has killed more than 570,000 Americans.
"Go get vaccinated America," Biden urged viewers.
Republicans have already rejected Biden's proposals.
Biden and Democrats, however, are counting on the widespread popularity of the plans to help win legislative approval. Democrats narrowly control both the House and Senate.