The post THE BIDEN EFFECT: Stocks Tank After Report Of Possible New Biden Tax Hike appeared first on American Lookout.
The stock market flourished under Trump. Three months into his presidency, Biden is already taking away from that success.
The market tanked on Thursday after reports that Biden is planning to propose a new tax hike on capital gains.
All of this was predicted by Trump and others.
Breitbart News reports:
Stocks Sink on Report That Biden Plans Massive Capital Gains Tax Hike
President Biden will propose a hike in the capital gains tax to 43.4 percent for top earners, nearly twice the current rate, Bloomberg News reported Thursday.
U.S. stocks turned lower on the report, with the S&P giving up all its gains for the day and declining by 0.5 percent. Nine out of eleven sectors in the S&P fell, with health care and real estate barely hanging on to positive territory.
The new rate of 39.6