What's the timeline here?
Dow Jones reports that Biden's budget assumes that a higher rate of capital gains taxes is applied starting from late April.
The capital gains talk leaked out at that time with a proposal to double the rate and sparked some selling in equities then. The exact timing of this will be interesting because 'late-April' means that people who sold on April 22 when it leaked are right on the cusp. I had assumed it would apply for the entire year.
There was some selling on this headline but at this point you have to wonder why. If it's April, it's too late to avoid the tax.
Obviously, this will all have to get through Congress and -- needless to say -- an army of lobbyists will be fighting it.
