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A Higher Capital-Gains Tax Wouldn’t Be as Scary as It Sounds

Shocked! Shocked! As in the classic line from the film Casablanca, the stock market somehow was surprised by reports that the Biden administration is set to propose a sharp increase in capital-gains taxes on high earners.

That’s even though that prospect had been discussed widely, including in this space, following Joe Biden’s inauguration as president in January. And it had been a major part of the Democrats’ platform during the election campaign last year.

Yet…

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