Posted on 04/22/2021 10:52:21 AM PDT by Hojczyk
Stocks erased earlier gains to trade sharply lower after Bloomberg report Thursday afternoon that President Joe Biden would propose increasing the corporate tax rate on wealthy individuals.
The Dow dropped 250 points, or 0.7%, 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%.
(Excerpt) Read more at finance.yahoo.com ...
Slow. Clap.
“Wealthy” is anyone making more than they determine is “enough.”
The fools voted for him...
S&P 500
4,137.09
-36.33(-0.87%)
Dow 30
33,804.44
-332.87(-0.98%)
Nasdaq
13,827.72
-122.50(-0.88%)
Well, duh. It’s what they do. Everything they do is idealogical.
Great post on another forum:
“Bidet is just bouncing the economic rubble.”
He’s going to need 60 votes in the senate. He’s not going to get 60 votes for this monstrosity. Fortunately, the Republicans only have one Murkowski and hopefully, she will be history come 2022
Union pension funds hit hardest.
Meanwhile in California nearly 1 million people haven’t received their UI insurance money in the last 5 weeks.
What I always wonder about leftist politicians. Where do they put their money to avoid taxes? John Kerry has the bulk of his money in bonds. Where is Joe Biden’s money?
Good. Now they will have less money to donate to Democrats and BLM.
I thought it was 48%?
Marxist to English Translation: You.
Dow dropped 500 points after Slow Joe opened his stupid mouth... What a loser. No clue about business or the economy. Bowing to his liberal radical advisors... Ugh
Haven't you heard the news? The House voted today to make DC a state. IF they can get that passed (who knows what Manchin and Sinema will have to say on voting for THAT), there'll be two shiny new 'Rat Senators. Then, with those 2 new (D) Senators, they'll kill the Filibuster as Manchin and/or Sinema will no longer be able to stop THAT. Then, they will only need 50 votes to pass whatever they damn well feel like, including this monstrosity, HR1 and all other manner of unbelievably radical legislation that'll completely destroy the few remaining scraps of what's left of our once great country.
These guys are playing for ALL the marbles at this point. It'd be nice if McConnell and others on our side would wake up long enough to realize it - and to hopefully stop them.
“Republicans only have one Murkowski... “
You forgot Collins, Romney, and Toomey just for starters.
The sock market report ... wool, nylon and cotton are up but polyester is down
“It’d be nice if McConnell and others on our side ... “
They’re on our side?
Welcome to Venezuela North!
This will lower investment into the economy and hit the real estate market later. It will raise unemployment, a Democrat favorite (moar welfare!).
The destruction of America continues to accelerate if he gets any raise in capital gains taxes through. I sold a twenty year ongoing rental/development project last year, what lucky timing. It’s going to be time to just huddle and do nothing. Better to stagnate than invest for now. Cheaper real estate coming soon.
I’ve been through 3 of these needless idiotic cycles in my time. The wealthy will get dinged temporarily and make out after the crash. Everyone else from middle to bottom is screwed.
> These guys are playing for ALL the marbles at this point. <
Right! Meanwhile the GOPe leaders are out having martinis at their country clubs. And they’re saying to each other, “It’s like a pendulum. They’ll be in power for awhile. Then we’ll be in power for awhile.”
Except this time it’s not like a pendulum. It’s like a runaway train.
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