Here's what you need to know.
Democrats in congress revealed a new tax hike to go part of their bill to raise the federal debt limit. This tax will effect wealthy individuals and large companies to help fund child care, education, healthcare, and clean energy.
This goes with Biden's plan to make wealthy individuals and large companies to help with government programs that will help low income workers. They stated that a 15% minimum tax rate on the income of corporations that make $1 billion or more annually for three consecutive years will help government programs.
They have added that wealthy individuals who make over with a net worth over 1 billion dollars or those who make over 100 million dollars per year should be taxed more. The details are yet to be stated.