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Stocks fall on reports that Biden wants to hike taxes on capital gains

Stocks fell Thursday following media reports that President Biden wants to nearly double the capital gains tax paid by wealthy Americans.

Inside the numbers: Biden reportedly is considering a proposal of a 39.4% top rate on long-term capital gains, up from the current 20% rate. He also is expected to maintain an ACA-related investment tax, bringing the total federal rate to as high as 43.4%, Bloomberg reported.

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