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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

Polls show Biden approval in low 50s at 100-day mark

President Biden at the virtual Leaders Summit on Climate on April 23. Photo: Jim Watson/AFP via Getty Images

Just over half of Americans approve of the job President Biden is doing as he approaches the 100th day of his term, NBC News and ABC News/Washington Post polls out Sunday indicate.

Why it matters: Biden has spent trillions within months of taking office to combat the economic crisis caused by the coronavirus pandemic, while overseeing a national vaccination campaign and facing backlash for a growing humanitarian crisis at the border.

Updated 2 hours ago - World

Death toll mounts as fighting between Israel and Hamas intensifies

Palestinian Muslims exchange wishes for Eid al-Fitr, marking the end of the holy month of Ramadan, near a razed building in the northern Gaza Strip town of Beit Lahia, on May 13. Photo: Majdi Fathi/NurPhoto via Getty Images

At least 109 Palestinians and seven people in Israel have been killed since recent fighting between Israel's military and Hamas began Monday.

The big picture: Israel began massing troops on its border with Gaza on Thursday, launching attacks from the air and ground as Hamas continued to fire rockets into Israel.

By the numbers: Where the earmarks are wanted

Expand chart
Data: House Committee on Appropriations; Chart: Danielle Alberti/Axios

The Dallas-Fort Worth area is being targeted for the largest collective earmark request in the country, according to a detailed breakdown of overall requests released by the House Appropriations Committee.

Why it matters: House appropriators are trying to balance bipartisan momentum for infrastructure investment with "pork-barrel" spending's checkered political history. The data dump is an effort to provide transparency for what are now termed "community project funding" requests.