Stock futures opened slightly higher Thursday evening, steadying after selling off sharply following a report that President Joe Biden was eyeing a proposal to increase the capital gains tax rate on wealthy individuals.
Stocks reversed lower on President Biden's capital gains tax hike plan. Bitcoin, Intel, Snap and Skyworks moved late.
The midday decline came amid reports that the Biden administration would propose tax increases on high-income taxpayers. The proposal targets a provision that long-term investors have taken advantage of for decades: the favorable tax rate on capital gains, the profits they realize when they sell stocks or other investments. What taxes could go up, and on whom?