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The market freaks out about a capital gains story that was out hours ago

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Suddenly the market cares

I wrote about Biden’s proposal to double capital gains three hours ago when the New York Times first reported on it.

It’s getting a second running now on Bloomberg and suddenly the market has tuned in. For some reason that’s led to swift selling in equities.

Selling now doesn’t make a lot of sense. If capital gains are going up, it’s probably going to be for 2021 so you’re going to pay no matter when you sell. If it’s for 2022, that would be a different story but that would be a bizarre strategy for Biden because it would ensure insane equity selling before year-end.

Let’s see if this drop holds up:

Suddenly the market cares

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