President Joe Biden will propose new taxes on corporations and the wealthy to pay for his agenda, Axios reported.
The taxes are intended to cover more than $4 trillion in new spending on infrastructure and health care.
Biden is standing by a pledge not to raise taxes on anyone making less than $400,000.
The White House's ambitious plans for more than $4 trillion in new spending on infrastructure, health care, and education will be completely paid for by new taxes on corporations and wealthy investors, President Joe Biden will announce Wednesday, Axios reported.
Biden also wants to increase the marginal income tax rate for the country's wealthiest taxpayers from 37% to 39.6%.
Making the president's spending plans deficit-neutral is seen as key to assuaging concerns among moderate Democrats, particularly in the Senate.
The federal deficit topped $3 trillion last year after Congress approved emergency spending programs to combat the pandemic and assist struggling families. »