Capital Gains Hikes at Center of Biden's Second-Term Tax Agenda.

President Joe Biden's budget proposal includes sweeping tax increases on corporations and the wealthy, setting the stage for a tax fight in Washington. The proposal aims to equalize the taxation of investment and wage income by increasing the capital gains tax rate for those earning at least $1 million. Biden also plans to implement a 25% minimum tax rate on households worth at least $100 million and raise the top personal-income tax rate to 39.6% for those making over $400,000. Additionally, the proposal includes changes to corporate taxes, estate and gift taxes, and tax incentives for the oil and gas industry. On the other hand, Biden plans to expand the child tax credit and the earned income tax credit for low-income workers. [Extracted from the article]