NBC News: How Biden’s taxes hit the richest but skip the suburban base

Biden’s capital gains tax increase would only take effect for people who make more than $1 million per year in total income. Many households with six-figure incomes could even see a tax cut from expanded child care deductions in the Covid-19 bill that Biden wants to make permanent.

According to an analysis by the left-leaning Institute on Taxation and Economic Policy, the higher income and capital gains taxes would reach less than 1 percent of taxpayers overall and no more than 1.2 percent of residents in any individual state. Read more