United States stocks extended losses on Thursday with the Dow dropping more than 200 points after media reports emerged that US President Joe Biden is set to propose hiking the capital gains tax for the wealthy to 39.6% which would, coupled with the existing net investment income tax of 3.8%, bring federal tax rates for investors to 43.4%. The Dow Jones slid 0.67% or 227 points at 1:18 pm ET. The Nasdaq 100 fell 0.71% at 1:23 pm and the S&P 500 lost 0.45% a minute later. Nick Note: this is a stupid knee jerk reaction. First of all this will never pass. Its a start of a negotiation session a trial balloon. And if it does go through it will not take effect until the 2022 tax year. So its party time. Ride the rallu and book your profit when and if the legislation passes in a year or more. First the market zooms zooms zooms. And then they kill the golden goose. And then the democrats are driven out of wellington on a rail come midterm elections. Its been proven jobs are not created by left liberals commies. The lower the capital gains tax the more business formation and the more jobs created… this is going nowhere for now and will end in a MUCH smaller tax increase for 2022….