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Stocks Take Nose Dive After Biden Announces Massive Tax Increase as high as 43.4%

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Stocks Take Nose Dive After Biden Announces Massive Tax Increase as high as 43.4%

On Thursday, President Joe Biden announced that he would be proposing a massive tax increase which immediately caused the stock market to crumble.

Biden revealed that he would be raising capital gains tax on people making over $1 million to as high as 43.4%. The current minimum capital gains tax rate for wealthy individuals is 20%.

Check out what Yahoo Finance reported:

Stocks erased earlier gains to trade sharply lower after Bloomberg reported Thursday afternoon that President Joe Biden would propose increasing the capital gains tax rate on wealthy individuals.

The Dow dropped more than 250 points, or 0.7%, immediately following the report, after trading just slightly lower earlier. The S&P 500 and Nasdaq erased gains to trade at session lows.

Biden’s plan would involve increasing the capital gains tax rate on the wealthy to 39.6%, according to the report from Bloomberg citing people familiar with the matter. This would apply to those earning at least $1 million. The current base capital gains tax rate is 20%.

Earlier, in the session, stocks were little changed and struggled for direction. Stocks have churned in recent sessions as investors digested a bevy of corporate earnings results and awaited additional reports, more economic data and more commentary from Federal Reserve officials in the coming weeks. 

What are your thoughts? Let us know in the comments below!

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24 Comments

24 Comments

  1. Robert Miller

    April 22, 2021 at 5:14 pm

    You’re going to see a massive exit of a lot of rich people out of this country!

  2. Steve Clinton

    April 22, 2021 at 5:17 pm

    He is intent on destroying this country…or could he just be this clueless?

  3. Nick1

    April 22, 2021 at 5:24 pm

    WHY are Dems SO business stupid? Down goes the market ad down go the jobs while he is letting thousands of diseased illegals in.

  4. Jim F

    April 22, 2021 at 5:29 pm

    Typical Dems not surprising

  5. Kenneth D Blake

    April 22, 2021 at 5:34 pm

    If you taxed everyone in America at 100% it would never be enough to cover the waste of money every year. The debt can never be repaid and it is obvious that all parties concerned know this. This includes the borrowers and the lenders.

  6. Gerald S Ladd

    April 22, 2021 at 5:43 pm

    The niggeRAT party never saw a tax they didn’t like. The buffoon, and his slut will destroy this country.

  7. No Joe

    April 22, 2021 at 5:45 pm

    It’s the idea by the envious that the successful need be penalized for succeeding.
    Never mind that they are the drivers of employment and consumption, plus presently pay the greatest percent of taxes, federal, state and local.

  8. jsub1960

    April 22, 2021 at 5:49 pm

    Tax and spend – it’s a commu-crat’s world!!

  9. Dmitry Kaminsky

    April 22, 2021 at 5:50 pm

    Sure. I think that’s a good idea. My tax rate is 27% I am in healthcare, I actually do something useful rather than trade in bubbles of imaginary numbers. My friend is a policeman, his tax rate is closer to 30%. He is protecting all of us. I see no reason why parasites who produce NO tangible goods, no services, NOTHING, should pay less income tax than those who actually do some work. Raising tax on those who make over 1mln a year will not affect those of us who just invest few thousands here and there. And besides, Wallstreet loves BLM and Antifa and illegals. Let their taxes pay for them. Wallstreet LOVES wars, let their taxes pay for it. I say Go, Biden and put some pain on those parasites. Especially since they are the ones who LOVE BLM, illegals, and antifa so much.

  10. GenEarly

    April 22, 2021 at 6:17 pm

    democRat Bolsheviks INTEND to Collapse the Economy. It’s called the Global Reset to be followed by the “Build Back Better”.
    Sheeples thought that the BBB was Biden’s campaign slogan, but it was being parroted by World Leaders especially the NWO EU.

  11. Allen

    April 22, 2021 at 6:23 pm

    Let’s hope this will wake people up about the lying, thieving, evil demonRats who are nothing but want-a-be slave owners of We the People.

  12. William Russell

    April 22, 2021 at 6:30 pm

    What did you expect?? See What has he done so far to wreck America?? This follows Salinski’s recipe to a “T” just stand by and watch ” Here we go “

  13. john thorogood

    April 22, 2021 at 6:42 pm

    Demorats in power time for tax and spend that’s all they know

  14. Connie

    April 22, 2021 at 6:43 pm

    Most making that much are in the white house/Congress they are not going to let him do that

  15. MillieK

    April 22, 2021 at 7:09 pm

    You asked what do I think? I think that Biden & company have gone absolutely nuts. It seems evident that they are out to destroy this country in every way they can.

  16. Nikita63

    April 22, 2021 at 8:48 pm

    Unless YOU are born mentally deficient or brain dead as he IS; the obvious answer to all intelligent life is, BOTH! That let’s out ALL of the leftist loons. period.

  17. Flight Mike

    April 22, 2021 at 9:01 pm

    As usual, the Democrats know nothing about economic growth. All they know how to do is raise taxes on the backs of hard working Americans wanting to enjoy their slice of the American dream. If Liberals really believed in their socialist utopia then why don’t they give 75% of their millions to the less fortunate. And liberal college professors, if they really believed in the balogna they teach our kids, wouldn’t they teach for free? If they could do this, I’d be more apt to believe their constant LIES.

  18. THOMAS

    April 22, 2021 at 9:28 pm

    BUCK FIDEN … The stupid A Hole is going to ruin the USA ! Put the SOB in a Home for the mentally impaired !

  19. Jesse

    April 22, 2021 at 9:40 pm

    Pedo Joe and the Ho will Destroy everything President Trump did and make things WORSE than what Obozo did.

  20. Pingback: Stocks Nose Dive After “Biden” Announces Massive Tax Increase as high as 43.4% – True News Hub

  21. Pingback: Stocks Nose Dive After “Biden” Announces Massive Tax Increase as high as 43.4% – Underground Truth Network

  22. AncientVet

    April 23, 2021 at 12:57 pm

    So, what a surprise! The presidential debate between Trump and Biden clearly revealed to the astute observer that this was a done deal should Biden be elected. Trump brought out that the Supreme Court would be packed (verified), borders would be open and mass influx of invading migrants would be forthcoming (verified) the gas and oil industry would be shut down and energy independence would be a thing of the past (verified) and taxes would be skyrocketing (now verified). It’s a trite saying to describe what has taken place since the election but it is so true: “Elections do have consequences.”

  23. Pingback: Stocks Nose Dive After “Biden” Announces Massive Tax Increase as high as 43.4% – Underground Truth Network

  24. Pingback: Stocks Nose Dive After “Biden” Announces Massive Tax Increase as high as 43.4% - Dr. Rich Swier

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