Stocks Tumble as Biden Proposes Higher Taxes

Stocks Tumble as Biden Proposes Higher Taxes

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Stocks fell hard Thursday after a report that the Biden administration would seek to nearly double the capital gains tax for millionaires. That followed a stronger-than-expected jobless claims report.

In afternoon trading, the



Dow Jones Industrial Average



was down 212.35 points points, or 0.6%. The



S&P 500



had fallen 0.4%, while the



Nasdaq Composite



had declined 0.4%.

The New York Times reported that the Biden administration would increase the rate for the richest Americans to 39.6%, from 37%, percent, while raising the capital gains tax on people earning more than $1 million to 39.6%, from