Biden has proposed raising the capital gains tax rate from 20% to 39.6% for those making over $1 million, which would represent a big blow to the asset management industry. Other tax hikes he has put forward include increasing the statutory corporate income tax rate from 21% to 28%. Biden was leading in key Midwestern states in the race for the White House as votes were being counted on Wednesday afternoon, but President Donald Trump’s Republican Party was poised to keep control of the Senate even as Democrats retained their majority in the House of the Representatives. …read more
Source:: Yahoo Finance
