Stocks drop after reports that Biden wants to double capital gains tax for wealthy


stock market crash bear economy worthy ministries 2(Worthy News) – Stocks dropped Thursday amid reports that the Biden administration will propose a large hike of the capital gains tax in order to pay for his childcare and family spending plan.

The proposal would nearly double the capital gains tax for wealthy individuals from the 20% rate it is at now to 39.6%. Individuals making $1 million or more could end up paying a federal rate of up to 43.4% when an existing Obamacare surtax on investment income is included.

The news, while not yet confirmed, caused stocks to drop the most in over a month, with the S&P 500 down about 0.92% at close. The Dow Jones Industrial Average closed more than 320 points lower, and the NASDAQ was down by about 0.94%. [ Source: Washington Examiner (Read More…) ]

7
people are currently praying.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Follow us on X
Join the Truth Social discussion

Latest Worthy News

Thune Moves Toward Standalone FISA Renewal Despite Trump Demand for Election Integrity Measures
Trump Says Iran Will ‘Never’ Have Nuclear Weapons As U.S. Deal Moves To ‘Second Stage’
Trump Says Syria Should ‘Take Care Of Hezbollah’ If Israel Cannot Finish The Job
CIA Chief Warned Trump Iran May Not Honor Nuclear Deal, Report Says
Vance Denies U.S. Taxpayer Funding for Reported $300 Billion Iran Reconstruction Fund
MLB Warns Giants Players After Bible Verses Written On Pride Night Caps
FBI Thwarts Drone-and-Sniper Terror Plot Targeting UFC Event Near White House
Dozens Of Christians Killed In Ethiopia As Prime Minister Condemns Attacks
Deadly Russian Strikes Damage Ancient Kyiv Cathedral; Zelensky Condemns ‘Crime Against Christian Culture’
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News