In order to pay for these improvements to education and childcare, Biden wants to impose higher taxes on the rich, including raising the top marginal income tax rate from 37% to 39.6%, and increasing tax on investment gains from 20% to 39.6% for people who earn more than $1 million. The White House has stated that the tax hike will not impact any families earning less than $400,000 a year.

Biden's reasoning is that the proposed improvements to American families' lives should be paid for by "the wealthiest Americans who can afford it and corporations and businesses who can afford it," according to White House Press Secretary Jen Psaki. However, not everyone is of the same opinion, and it's thought that Republicans in Congress will oppose the plan.

So while the Democrats have a majority, it's small and so without unanimous support from his party President Biden might struggle to get his plan through. And when the news came out it immediately had an impact on Wall Street, with the Dow Jones Industrial Average falling 420 points, and the Nasdaq index dropping 0.9%. That said, the plan seems to be popular with the public, with 64% saying they were in favor of it in a Monmouth University poll.

But over the years many of America's super-rich have asked to contribute more taxes, click here to discover who

President Biden's American Jobs and American Families plans, and how he's paying for them