NEW YORK (Pakistan Point News / Sputnik - 22nd April, 2021) Stocks on Wall Street fell to session lows on Thursday after US media reported plans by President Joe Biden to hit wealthy Americans with a capital gains tax that could be as high as 40 percent.
All of the three main US equity indexes - the Dow Jones Industrial Average, S&P500 and Nasdaq Composite - were down about 1 percent each, surrendering gains from earlier in the day, after the reports about Biden's aim to get more money from wealthy Americans to fund the United States' development.
The Dow was down 325 points, or 1 percent, to 34,811 by 1:50 PM ET (17:50 GMT).
The S&P 500� fell 39 points, or 0.9 percent, to 4,135.
Nasdaq slid by 125 points, or 0.9 percent, to 13,825.
According to US media, Biden plans to� start by raising the top marginal income tax rate to 39.6 percent from the 37 percent" that was left in 2017 by his predecessor Donald Trump after a generous tax cut.
Biden also plans to raise taxes on capital gains for people earning more than $1 million, effectively increasing the rate they pay on that income to 39.6 percent from 20 percent.�
