The newest budget proposed by the Biden administration would raise the top capital gains tax to 44.6%, drawing backlash as the commander-in-chief vowed to let the Trump tax cuts expire.

The White House introduced a fiscal year 2025 budget that would increase the highest long-term capital gains and qualified dividends tax from 23.8% to as much as 44.6%, according to an explanation from the Treasury Department. The latter rate would enter into effect only for those earning more than $1 million in taxable income and $400,000 in investment income.

The increase would mark the highest levels for the top capital gains tax since the policy was instituted in 1922, according to an analysis from Americans for Tax Reform. The conservative advocacy group noted that residents of many states, such as California, New York, and Oregon, would see over half of their capital gains subjected to taxation if the new policy is approved.

Renewed backlash over the budget proposal, which was unveiled last month, occurred this week as President Joe Biden vowed to let the Tax Cuts and Jobs Act, a landmark legislative victory from the term of former President Donald Trump, sunset at the end of next year.

“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden said on social media. “That tax cut is going to expire. If I’m reelected, it’s going to stay expired.”

Another analysis from the Tax Foundation noted that the Tax Cuts and Jobs Act reduced “average tax rates for taxpayers at all income levels” by decreasing marginal tax rates, widening tax brackets, doubling the child tax credit, and nearly doubling the standard deduction.

“If Congress does nothing, most Americans will face higher taxes, worse incentives for work and investment, and a more complicated tax system starting in 2026,” the policy think tank noted.

Americans consistently assert that the taxes they pay are too burdensome and that the tax system is overly complicated. Nearly two-thirds of respondents to a recent survey from the Tax Foundation and Public Policy Polling reported that their federal income tax payments are too high. As of three years ago, federal receipts accounted for 64% of all taxes collected, while state receipts and local receipts accounted for 21% and 15% respectively.