Salem Radio Network News Saturday, May 8, 2021

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Stocks drop on news of Biden plan to raise capitals gains tax on wealthy

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Stocks ended lower following news accounts that President Biden will propose a hefty tax on investments of wealthy individuals.

Wall Street reacted negatively to a Bloomberg story that the president may nearly double the tax rate on capital gains for wealthy investors. White House press secretary Jen Psaki offered no apologies for the president’s approach.

Psaki said the president will not tax individuals earning under 400-thousand dollars and said the White House economic team doesn’t believe taxing the wealthy would have a negative impact.

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Michael Ramirez
Sun, May 2, 2021

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