president Joe BidenBudget proposal from is due to be released on Thursday and reportedly calls for a minimum tax of 25% for billionaires. The plan would also nearly double the capital gains tax rate on investments from 20% to 39.6% and increase income taxes on corporations and wealthy Americans, Bloomberg said reportedwith reference to a White House officially familiar with the proposal.

Also read: The best penny stocks

The proposal is expected to meet with a lot of resistance congressespecially with republican control of House of Representatives added the report.

Biden has failed to pass similar tax hikes democrats controlled both houses of Congress, opting instead for a stripped-down legislation focused on energy and health policies, known as the Anti-Inflation Actaccording to the report.

Tax increases: The proposal would require the wealthiest 0.01% of Americans to pay at least a 25% tax rate, Bloomberg reported. It would also increase the top tax rate for Americans earning $400,000 from 37% to 39.6%, thereby reversing it Donald Trump’s tax cuts.

The proposal also requires investors making at least $1 million to pay a 39.6% tax on long-term investments, which is currently taxed at a rate of 20%. The proposal would increase the corporate tax rate from 21% to 28%, the report said.

“My budget will require the wealthy to pay their fair share so the millions of workers who helped build that wealth can retire on the Medicare they paid into,” Biden tweeted Wednesday.

Other features: Biden is also proposing an end to valuable industry-specific tax breaks for private equity fund managers, oil companies, and investors in crypto and real estate, the report said, citing a summary of the plan. All special tax breaks for oil and gas companies would also be eliminated, saving $31 billion, it said.

speaker Kevin McCarthy fire Biden’s plans to increase taxes told reporters Wednesday, “I don’t think tax increases are the answer.”

Continue reading: Tesla, Apple, cassava science, …