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Explainer: Capital gains tax hike targets wealthy investors

By STAN CHOE, AP Business Writer
Published: April 28, 2021, 2:45pm
2 Photos
FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020.  On Wednesday, April 28, President Joe Biden is expected to propose doubling the tax rate that the highest-earning Americans pay on profits made from stocks and other investments.
FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. On Wednesday, April 28, President Joe Biden is expected to propose doubling the tax rate that the highest-earning Americans pay on profits made from stocks and other investments. (AP Photo/Seth Wenig, File) Photo Gallery

NEW YORK (AP) — After massive U.S. government spending helped send the stock market back to record heights, with even more potentially on the way, the bill may be coming due for the nation’s wealthiest investors.

President Joe Biden on Wednesday proposed to nearly double the tax rate that the highest-earning Americans pay on profits made from stocks and other investments.

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