WAY TO GO, JOE !!
Posted on 04/22/2021 12:25:26 PM PDT by SeekAndFind
Stocks fell sharply Thursday afternoon after a Bloomberg report that President Joe Biden is hoping to hike the capital gains rate to as much as 43.4%, sounding an alarm for investors concerned over the potential toll on trading profits.
As of 2:10 p.m. Eastern, the Dow Jones Industrial Average was off 368 points, or 1.1%, to 33,770, erasing a 0.9% rally Wednesday and pushing the index deeper into negative territory for the week.
Meanwhile, the S&P 500 and tech-heavy Nasdaq also fell about 1.1% apiece, putting each of the major indexes on track for a third day of losses this week as corporate earnings begin to show signs of economic weakness.
According to Bloomberg, Biden's proposed tax of 43.4% would lift the base capital gains rate, which is levied against profits from the sale of investments, to 39.6% from 20%—as previously reported—for individuals making more than $1 million annually, but it also bundles in the existing Obamacare tax of 3.8% on certain capital gains.
The report, published shortly after 1 p.m., immediately tanked stocks, which were roughly flat for the day beforehand.
CRUCIAL qUOTE:
"Wall Street hit the panic button and headed for the sidelines" after the report, Oanda Senior Market Analyst Edward Moya said in a Thursday afternoon note, adding that the plan could mean a 56.7% and 56.2% total capital gains tax in California and New York respectively. "Sticker shock over some of these tax figures will be hard to shake off for some investors."
Biden's set to release additional details on his tax plan for individuals next week, Vital Knowledge Media Founder Adam Crisafulli said in a Thursday email. "This isn't positive, but it's also not new… There is still a long road ahead though before any of this becomes law," says Crisafulli,
(Excerpt) Read more at forbes.com ...
Unexpectedly.
Take those gains now!
Some in the Biden camp are selling short.
Wall Street wanted Biden, they got him.
If there are no gains, no tax. Funny how that is.
Let me tell you how it will be
There’s one for you, nineteen for me
Cos I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
Cos I’m the taxman, yeah I’m the taxman
If you drive a car, I’ll tax the street
If you try to sit, I’ll tax your seat
If you get too cold I’ll tax the heat
If you take a walk, I’ll tax your feet
Taxman!
Cos I’m the taxman, yeah I’m the taxman
Don’t ask me what I want it for (Aahh Mr. Wilson)
If you don’t want to pay some more (Aahh Mr. Heath)
Cos I’m the taxman, yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
Cos I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me
Taxman!
Trump was right.
Piker!
Make it 100%.
Seriously. How is this a surprise for anyone? This is what he ran on and what the whole of the Democratic party stood for in the last election. I thought it was weird that we rallied 20% post election. Did no one know this is what he wanted to do?
Of course he still has the problem of actually passing it. That won’t happen easily. But being surprised by the proposal?
This confirms my decision to pull all of my money out of the stock market. Watch for further drops as people start realizing that stocks have been propped up by worthless fiat paper.
You know, this is a BLIP on the DJ over the last few months.
Financial writers always have to write excited or hysterial columns over every little up and down in the market. Wake up up when it drops 5000.
socialists .ruin economies
Well hey someone has to pay for all the illegal Democrats that are crossing the border everyday to give the Dems a permanent voting block
Big deal, the market is where it was TWO DAYS ago.
Ha ha ha ha ha ha ha ha ha.....
The man is a hostage to the radical Left in his admin and party.
Suck it Wall St, Hedge Fund guys and most importantly, Warren Buffett.
Every “rich” person who voted for this turd ought to be forced to hand it all over.
Except we know the super rich will have paid politicians for loopholes and probably the definition of rich will be ratcheted down to maybe 200k - because of course - if you have an income you have to “give your fair share”.
Time to short !!! NOW
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