Stocks Sell Off as Biden Prepares to Propose Capital Gains Tax Hike

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U.S stocks fell to ses­sion lows in a swift fash­ion on Thurs­day after a report that Pres­i­dent Joe Biden is slat­ed to pro­pose much high­er cap­i­tal gains tax­es for the rich.The Dow Jones Indus­tri­al Aver­age dropped 400 points to its low of the day. The S&P 500 erased ear­li­er gains and fell 1%, while the Nas­daq Com­pos­ite slid 1.1%.Bloomberg News report­ed Thurs­day after­noon that Biden is plan­ning a cap­i­tal gains tax hike to as high as 43.4% for wealthy Amer­i­cans. The pro­pos­al would hike the cap­i­tal gains rate to 39.6% for those earn­ing $1 mil­lion or more, up from 20% cur­rent­ly, accord­ing to …

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