President Joe Biden on Thursday unveiled his $1.7 trillion budget plan with proposed tax hikes and federal spending increases, a plan that would likely hit affluent households the hardest. In the Republican-controlled House, however, the proposed budget faces an uphill battle as members prepare to counter with their own spending plan.

Biden's proposed tax hikes would bump taxes paid by earners over $400,000 to almost 33%, quadruple the 1% surtax on corporate stock buybacks, and raise the top income tax rate from 37% to 39.6%. The Tax Foundation reports that the top 1% already coughs up nearly half of the nation's income taxes in 2020, but make up only 22% of the income — making these hikes all the more steep.

Biden's budget plan also calls for increased spending on child care, paid leave, expanded child tax credits,