Joe Biden to propose tax hikes, $80 billion for audits of the rich

The measures will be key elements to offset the cost of Biden's "American Families Plan" that he's set to unveil in a speech to Congress

President Joe Biden will propose a large-scale tax increase and give billions more to the IRS to make sure rich individuals and large corporations are paying all they owe, according to a person familiar with his proposal.

The plan will include a top individual tax rate of 39.6% for those making at least $400,000 and will end an inheritance tax break on capital gains known as “step-up in basis,” the person said. The proposal will include $80 billion to boost the Internal Revenue Service’s audit capabilities over the next decade for wealthy individuals and corporations, a change that could generate $700