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President Biden said he wants to raise capital gains taxes to help pay for his ambitious proposals. AP Photo/Andrew Harnik

What’s a capital gain and how is it taxed?

President Biden wants to raise the capital gains tax that wealthy people pay and use the extra revenue to fund new social spending on children and education.
Speaker of the House Nancy Pelosi and other top Democrats meet with reporters before the House voted to pass a $1.9 trillion pandemic relief package on Feb. 26, 2021. AP Photo/J. Scott Applewhite

Why using reconciliation to pass Biden’s COVID-19 stimulus bill violates the original purpose of the process

In 1974, Congress invented the reconciliation process to reduce deficits. More recently, reconciliation has been used in ways that increase the deficit. A public policy scholar explains the process.

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