Reports Say Biden Will Make Massive Tax Announcement, Stock Market Immediately Tanks

Reports Say Biden Will Make Massive Tax Announcement, Stock Market Immediately Tanks


Has President Joe Biden finally popped the market bubble and brought about the beginning of the end of the robust Trump economy?

The Dow Jones Industrial Average on Thursday plunged significantly, as did other indexes, once reports broke that the Democrat is preparing to propose doubling the capital gains tax rate as high as 43.4 percent for taxpayers who earn $1 million or more, Bloomberg reported.

NEW: Biden to propose almost doubling the capital gains tax rate for the wealthy to 39.6%. Coupled with an existing tax on investment income, that means that federal tax rates for investors could be as high as 43.4%.

Markets turned lower on the report https://t.co/CX8xNcCNkz

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— Bloomberg (@business) April 22, 2021

The Dow fell sharply more than 300 points, the S&P 500 sunk 38 points and the Nasdaq fell 132 points on the reports that Biden will be coming after high earners, according to

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