Wall Street on Tax Plan: ‘It Will Incentivize Selling This Year’ President Joe Biden will propose almost doubling the capital gains tax rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%.
Claire Ballentine and Katie Greifeld | Apr 22, 2021
(Bloomberg) President Joe Biden’s likely proposal to nearly double the tax on capital gains lopped a quick 30 points of the S&P 500. Wall Street traders, predictably focused on the policy’s implications for investing, said it was too soon to panic, but that prospects of a higher levy on stock profits could foment near-term selling as investors look to skirt a higher rate.
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