Joe Biden intends to propose a nearly 2-fold increase in taxes on capital gains on profits above $ 1 million. In this case, the tax would be increased from 20% to 39.6%. Moreover, the highest income tax rate will also be raised from 37% to 39.6%. The money from these taxes would be allocated to education. The market definitely doesn't like this idea.
Wall Street slumps in response to Biden's tax plans. Source: xStation5