4/22, 8:37 PM (Source: TeleTrader)
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WH: No negative impact of raising capital gains tax

White House Press Secretary Jen Psaki stated on Thursday that the view of the Biden administration is that there will be no negative impact of the reported increase of the capital gains tax.

Psaki said that the president sees a "need to modernize infrastructure" and to invest in future education and childcare programs and that he believes that paying for them can be "on the backs of wealthiest Americans and corporations as they can afford it." However, she didn't comment further saying that Biden will outline his full American Families Plan during the joint session of Congress next Wednesday and that plans to pay for it are still being finalised.

Earlier today, major stock markets on Wall Street dropped sharply as the report came out that claimed an increase of the capital gains tax of 39.6% is planned as part of the American Families Plan, which, when combined with the existing net incomes tax, would increase the overall federal tax investors would have to pay to 43.3%

Breaking the News / OL