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Wall Street slides on report of Biden's plan to almost double capital gains tax

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(Reuters) - Wall Street's main indexes hit session lows on Thursday, after a report said President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%.

At 01:20 p.m. ET, the Dow Jones Industrial Average fell 268.71 points, or 0.79% , to 33,868.60, the S&P 500 lost 28.20 points, or 0.68%, to 4,145.22 and the Nasdaq Composite lost 85.96 points, or 0.62%, to 13,864.26.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)