Joe Biden’s proposal to almost double capital gains tax rates for the richest Americans has triggered a chorus of disapproval from top investors, underscoring the intense opposition the US president is likely to face as he attempts to push his plan through Congress.
“It is insanity,” said Scott Minerd, who oversees $310bn in assets for Guggenheim Partners, a leading investment firm.
“That’s not because I’m a Wall Street capitalist,” he said. “The proposed rates of the current president’s administration . . . would probably reduce tax revenues over time and would discourage people from allocating money towards long-term investments.”
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