Today is Friday, April 23rd, what to know about a historic tax increase President Biden

is thinking about, which Americans might have to start paying more and why.

Also, what lawmakers from both sides of the aisle came together to pass in the Senate,

and the next step for the sideline Johnson & Johnson vaccine.

Plus, SpaceX and NASA are getting ready to pull off another first with a launch this morning.

New safety concerns for Tesla drivers and what to expect from the biggest night in Hollywood this weekend.

Welcome, welcome to The Newsworthy, all the days news in around 10 minutes.

Fast, fair, fun, and on the go. I'm Erica Mandy, thanks so much for being here.

You ready? Let's do this.

President Biden is expected to roll out a historic plan to raise taxes on the richest Americans.

Reuters and others spoke with sources who previewed the proposal.

They say the president wants to increase the top marginal income tax rate from

37% to 39.6%. The plan would also nearly double the capital gains tax to around 40%

for people who earn a million dollars a year or more.

Capital gains are what you make when selling an asset, like a stock or a boat.

And that would be the highest rate on investment gains since the 1920s.

It's reportedly all to pay for the next phase in Biden's plan to reshape the American economy.

He calls that proposal the American Family Plan.

Reports say it will include one and a half trillion dollars in new government spending

and tax credits meant to fight poverty, lower child care costs, and make pre-K and community

college free to everyone. It would also establish a national paid leave program.

All that said, none of this is final since it'll need to go through Congress.

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