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Joe Biden’s Capital Gains Tax Bomb Drops The Market
Last Thursday President Biden’s team released info on a proposed major increase to the long-term capital gains tax to as high as 43.4% for “wealthy” Americans.
This would be even higher than the top federal tax rate on incomes earned through wages.
This news sent markets falling by around 350 points on the day.
Because if passed, this would more than double the current long term capital gains tax from 20% now to as high as 43.4%. And this lowers the investment returns people can expect to earn.
Which lowers the amount people will invest.
One estimate I saw, showed that this tax could lower S&P 500 returns in a real-world sense by about 7%.
That would be like the market crashing 7%. Or from around the 4,200-point level for the S&P 500 to around 3,900 points.