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Stan Choe FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. On Wednesday, April 28, President Joe Biden is expected to propose doubling the tax rate that the highest-earning Americans pay on profits made from stocks and other investments. (AP Photo/Seth Wenig, File) April 28, 2021 - 11:53 AM NEW YORK - After massive U.S. government spending helped send the stock market back to record heights, with even more potentially on the way, the bill may be coming due for the nation s wealthiest investors. President Joe Biden is proposing to nearly double the tax rate the highest-earning Americans pay on profits made from stocks and other investments. It would force millionaires to pay similar tax rates on their investment gains as upper-middle class households pay on their salaries, after years of enjoying lower rates.

District of columbiaUnited statesNew yorkNew york stock exchangeBrian deeseSeth wenigJoe bidenStan choeYork stock exchangeAmerican investment councilGoldman sachsFederal reserveWriter josh boakTax foundationWhite house national economic councilPresident joe biden