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Photo: Scott Olson/Getty Images

2020 candidate Joe Biden on Wednesday unveiled a plan to raise $3.2 trillion over a decade from tax increases in order to pay for his climate and health care proposals, Bloomberg reports.

Why it matters: Biden's plan demonstrates the political divide within the Democratic Party. His plan is markedly different from the aggressive tax measures pitched by Sens. Elizabeth Warren and Bernie Sanders, who want to raise around $20 trillion in new taxes over the next decade.

Details: Biden's plan would bump corporate taxes from 21% to 28% — still well below the 35% corporations were paying before Republican's 2017 tax cut. His campaign estimates that this would produce $730 billion in tax revenue over a decade.

  • It would also raise an estimated $800 billion over a decade from taxing capital gains as ordinary income for taxpayers with more than $1 million in income.
  • The plan also caps tax breaks for the wealthy at 28%, which he says would collect an estimated $310 billion in 10 years. It includes $400 billion in tax revenue from a 15% minimum corporate tax on companies that report a net income of more than $100 million.

What they're saying: "We have found smart and effective ways to pay for the bold changes the vice president is proposing‚" Biden's policy director Stef Feldman said, according to the Washington Post.

The big picture: Biden has already proposed a $1.7 trillion climate and infrastructure plan, a $750 billion health care plan and a $750 billion higher education plan, Bloomberg reports.

Go deeper:

Go deeper

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.

Scoop: Qatar emir to visit White House on Monday

The emir of Qatar, Tamim bin Hamad Al Thani, leaves the White House after meeting President Trump in 2019. Photo: Nicholas Kamm/AFP via Getty Images

The emir of Qatar will meet with President Biden at the White House on Monday to discuss Afghanistan as well as contingency plans to provide natural gas to Europe in the event of a Russian invasion of Ukraine, Axios has learned.

Why it matters: Europe's reliance on Russia for 40% of its natural gas is undermining Biden's attempts to coordinate "massive" sanctions to be imposed from both sides of the Atlantic if Russia invades. The White House wants Qatar to help ensure European countries can enforce tough sanctions without risking an energy crisis.

Biden: There won't be "American forces moving into Ukraine"

President Joe Biden told reporters Tuesday that he does not foresee U.S. troops moving into Ukraine.

Why it matters: Biden's comments come as tensions between Russia and Ukraine persist, and a Russian invasion of Ukraine appears increasingly likely.

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