Top Biden economic adviser confirms plan to double capital gains tax

• Biden wants a 39.6% top rate on long-term cap gains, up from the current 20% rate, for those earning at least $1 million of annual investment income, Axios' Dan Primack reports.
• An ACA-related investment tax would bring the federal toll to 43.4% for top earners.
• The administration is now preparing for negotiations with Capitol Hill.

What he's saying: "This change will only apply to three-tenths of a percent of taxpayers, which is not the top one percent," he said. "It's not even the top one-half of one percent. We're talking about three-tenths of a percent. That's about 500,000 households in the country that we're talking about."

• "For the typical Americans, most of their income comes from wages, so for people making less than a million dollars a year, about 70% of their income comes from wages," he said.