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Biden to Propose Capital Gains Tax Hike

Getty Images President Biden has talked a lot about raising taxes on wealthier Americans over the past two years. Now, it seems, we re one step closer to seeing that happen. On Thursday, Bloomberg News and The New York Times reported that the president will include a proposal to increase the capital gains tax for people earning $1 million or more in his American Families Plan, which is expected to be released in the coming days. This is something Biden called for during last year s presidential campaign, so it s no surprise that he supports a capital gains tax adjustment. However, the recent news is the most concrete indication yet that he wants to move forward with the idea at this time. Investors were a bit spooked by the news, which contributed to stock market losses on Thursday.

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