Stocks Tumble on Biden’s Plan to Double Captial Gains Tax for the Rich

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Bloomberg Green: Nuclear Power Problem
  • Sinopharm Vaccine Gets WHO Backing, Facilitating Broader Use
  • Treasury Secretary Yellen Says U.S. Could Return to Full Employment Next Year
  • Bloomberg Quicktake: Now published this video item, entitled “Stocks Tumble on Biden’s Plan to Double Captial Gains Tax for the Rich” – below is their description.

    U.S. stocks headed for their biggest drop since mid-March after President Joe Biden was said to propose doubling the capital gains tax to near 40% for the wealthy. The dollar rose.

    The S&P 500 turned lower after Bloomberg News reported the likely proposed plan on how investment income is taxed. Speculation arose that some investors may sell shares before any change is made to capture the lower rate. Equities whipsawed throughout the session amid mixed economic data and renewed concern the pandemic was worsening in some major economies.

    All major groups in the S&P 500 fell, led by commodity and technology shares. AT&T Inc. rallied after beating profit estimates. Data Thursday showed sales of previously owned U.S. homes slid in March to a seven-month low, while jobless claims posted an unexpected decline last week.

    “Sticker shock over some of these tax figures will be hard to shake off for some investors,” Edward Moya, senior market analyst at Oanda Corp, wrote in a note. “Some traders are looking for an excuse to lock in profits and they might choose to use this tax story as their catalyst.”

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Joe Biden

    Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

    He is married to Dr Jill Biden.

    Books by Joe Biden #Ad

    6 Recent Items: Joe Biden

  • Bloomberg Green: Nuclear Power Problem
  • Biden says weak jobs report underscores need for his economic policies
  • Bloomberg Green: The Nuclear Power Problem
  • Indian Point Nuclear Plant Is Closed. What Does This Mean for New York’s Grid?
  • Jobs report shows ‘long way to go,’ Biden says
  • Who will keep Afghanistan safe as foreign troops leave? | Inside Story
  • In This Story: S&P

    S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.

    2 Recent Items: S&P

  • S&P, Dow rise to record highs
  • Bullish on earnings and economy, but not S&P 500, says Strategist
  • Leave a Comment