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4/25/2021 3:43:45 PM GMT Review and Preview Welcome to the Biden boom. “Forecasts” of real economic growth now run in the 7% to 8% range… If that happens it will mark the fastest four-quarter growth spurt since 1984.”– Alan S. Binder, “Welcome to Joe Biden’s Boom Economy,” Wall Street Journal, April 22, 2021. On Thursday Biden officials leaked that they will soon propose raising the federal tax on capital gains to 43.4% from a top rate of 23.8% today. The midday leak managed to tank stocks with the S&P falling the most in more than a month. Treasury yields also fell on the news as investors discounted the prospect for growth. “A 43.4% Capital Gains Tax?” Opinion Page, Wall Street Journal, April 23, 2021.

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