Business
Wall Street tumbles after report Biden wants to increase taxes on wealthy investors – Sydney Morning Herald
Wall Street turns lower following a report saying President Biden will propose a hefty tax increase on the gains wealthy individuals reap from investments.
A report that President Biden will propose a hefty tax increase on the gains wealthy individuals reap from investments triggered a stock market sell-off on Thursday afternoon on Wall Street that left indexes broadly lower.
Investors who earn $US1 million ($1.3 million) or more would have to pay a 39.6 per cent tax rate on any capital gains, nearly double the current rate for Americans in that income bracket, according to the report by Bloomberg. A separate tax on investment income could boost the…
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