U.S. stocks close down on news of Biden tax proposal

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On Wall Street, indexes fell after reports that the Biden administration would propose to raise the capitals gains tax to near 40% for wealthy individuals, nearly double the current rate

A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., November 6, 2020. REUTERS/Carlo Allegri

The three main indexes on Wall Street also fell on reports that Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress. Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago, said when a proposal is floated about raising taxes or capital gains, everybody gets excited, sells first and asks questions later.raising the marginal income tax rate

 

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On Wall Street, indexes fell after reports that the Biden administration would propose to raise the capitals gains tax to near 40% for wealthy individuals, nearly double the current rate

I mean, how would life continue if nobody could swing the big gavel?

Tax them out of existence and see if I miss them.

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