Biden administration looking at 43.4% capital gain tax rate

As news breaks the Dow has reversed direction and fallen sharply.

Stocks extend drop; Dow falls 1% or nearly 350 points after reports that Biden will propose hiking capital gains tax for the wealthy https://t.co/G2vjJUIJ82 pic.twitter.com/mLC038l9R9

— CNBC Now (@CNBCnow) April 22, 2021

The new plan would turn a long-standing tax strategy that rewarded investors on its head – returns on capital assets could now be higher than taxes on personal income.

The White House is expected to release more details next week as part of the tax increases that are meant to fund Biden’s ‘American Families Plan’.

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