The collapse of the American stock market happened amid reports that US President Joe Biden intends to double the capital gains tax rate, Bloomberg writes.
Earlier it became known that Biden is considering the possibility of increasing the tax rate on capital gains almost doubled: from 20% to 39.6% for persons whose annual income is more than $1 million.
Bloomberg experts noted that taking into account the existing additional tax on investment income, this means that the total federal tax rate for wealthy investors could be 43.4%.
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“Tax increases are needed by the Biden administration to fund the social spending needed to tackle inequality as announced by the president”, – the agency writes.