- Sep 12, 2019
- Reaction score
- Political Leaning
Stunned Wall Street Responds To Biden's Shock Proposal To Double Cap Gains Tax
With stocks tumbling following the report that Joe Biden is considering a proposal that would double the capital gains tax, as investors dump in hopes of locking in existing cap gains rates - an exercise in futility if Biden and the socialists in Congress decide to make such a tax change retroactive to all of 2021 - Bloomberg quickly polled several Wall Street traders who focused on the policy’s implications for investing, and concluded that while it was too soon to panic, prospects of a higher levy on stock profits could spark near-term selling as investors look to skirt a higher rate.
Here are some hot takes, courtesy of Bloomberg: