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President Biden in the Roosevelt Room on April 12. Photo: Amr Alfiky-Pool/Getty Images

Brian Deese, director of the National Economic Council, formally announced President Biden's plan to nearly double the capital gains tax as a means to fund massive economic proposals at Monday's White House press briefing.

Why it matters: Deese stressed that Biden's proposal to raise federal taxes on sold assets and investments would not affect most households.

  • 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.

Go deeper

White House: Over 110 million COVID-19 vaccine doses shipped, donated

Photo: Photo by Anna Moneymaker/Getty Images

The U.S. has shipped and donated more than 110 million coronavirus vaccine doses to over 60 countries, the White House said Tuesday.

Why it matters: It is more than the combined donations of all other countries, the White House said, citing the United Nations. Biden had pledged to donate at least 80 million vaccines by the end of June.

57 mins ago - Health

Government website for free COVID tests launches early

COVID-19 rapid at-home test kits. Photo: Mario Tama/Getty Images

The website where Americans can request free, at-home rapid COVID-19 tests from the government launched Tuesday and is now accepting orders.

Driving the news: The website went live in its beta phase and is operating at a limited capacity a day before its official launch. Every home in the U.S. is eligible for up to four COVID tests, according to the website.

AT&T, Verizon extend 5G delay over airline panic

Illustration: Brendan Lynch/Axios

AT&T and Verizon said Tuesday they would delay lighting up its 5G signals near a limited number of airports after renewed opposition from the aviation industry over concerns about signal interference.

Why it matters: The CEOs of leading airlines warned of catastrophic disruption to flights if AT&T and Verizon deployed 5G as planned this week.