Biden set to propose capital gains tax of 39.6%…multiple US news outlets report.

Key points:

• Biden will seek to raise taxes on millionaire investors to fund education and other spending priorities as part of an effort to overhaul the U.S. economy.
• Biden will seek an increase in the tax on capital gains to 39.6% for those Americans earning more than $1 million, according to reports.
• Reports said the president is expected to release the proposal formally next week as a way to fund spending in the upcoming American Families Plan.

More details to follow.