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Capital gains tax hikes and stock market performance
Biden promises he will ‘not add an additional tax burden on the middle class’ in address to Congress
President pushes plan for the wealthy to pay their fair share in taxes in Wednesday night’s remarks to joint session of Congress
No question President Biden’s proposed higher 39.6% capital gains tax rate on those earning over $1 million is making many stock investors queasy, but the stock market impact may be more muted than some expected, according to Goldman Sachs.
"S&P 500 returns have also been weak ahead of past capital gains tax hikes, but selling was short-lived and reversed afterward" the team, led by David Kostin, wrote to clients earlier this week.