Stocks drop after reports that Biden wants to double capital gains tax for wealthy

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Stocks dropped Thurs­day amid reports that the Biden admin­is­tra­tion will pro­pose a large hike of the cap­i­tal gains tax in order to pay for his child­care and fam­i­ly spend­ing plan.
The pro­pos­al would near­ly dou­ble the cap­i­tal gains tax for wealthy indi­vid­u­als from the 20% rate it is at now to 39.6%. Indi­vid­u­als mak­ing $1 mil­lion or more could end up pay­ing a fed­er­al rate of up to 43.4% when an exist­ing Oba­macare sur­tax on invest­ment income is included.

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