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Wall Street edges higher on Tesla boost ahead of big tech earnings
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U.S. weekly jobless claims decline further Indexes down: Dow 0.94%, S&P 500 0.92%, Nasdaq 0.94% (Adds prices after 4 p.m. market close)
NEW YORK, April 22 (Reuters) - U.S. stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax, news analysts said provided an excuse to take profits in a directionless market ahead of big tech’s earnings next week.
The three main indexes on Wall Street also fell on reports that Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress.
“If it had a chance of passing, we’d be down 2,000 points,” said Thomas Hayes, chairman and managing member at hedge fund Great Hill Capital LLC.
Biden to float historic tax increase on investment gains for the rich
By Jarrett Renshaw and Trevor Hunnicutt
Reuters
WASHINGTON (Reuters) - President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers, sources familiar with the proposal said.
The plan is part of the White House s push for a sweeping overhaul of the U.S. tax system to make rich people and big companies pay more and help foot the bill for Biden s ambitious economic agenda. The proposal calls for increasing the top marginal income tax rate to 39.6% from 37%, the sources said this week. It would also nearly double taxes on capital gains to 39.6% for people earning more than $1 million.
BBC News
Published
image captionJoe Biden speaking at a presidential podium.
US President Joe Biden is reportedly set to propose a tax hike on the wealthiest Americans.
The proposal would raise the top marginal rate and increase taxes on investment gains for the rich.
The tax rise would help pay for childcare and education, but would not be used for healthcare, according to reports.
The news triggered a selloff on Wall Street, with major indexes slipping during Thursday s trading session.
The White House said the American Family Plan, which Mr Biden is expected to lay out in full next week, will not affect any family earning less than $400,000 a year.
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