Stock Market Tanks After Report On Biden Plan To Pay For Leftist Agenda, Experts Warn: ‘It Is Insanity’

The stock market tanked late Thursday afternoon following a report about how President Joe Biden plans to pay for his progressive agenda, as experts warned that his proposed capital gains tax hike could have seriously negative ramifications for the country.

“Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality,” Bloomberg News reported. “For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.”