NEW YORK: Wall Street stocks tumbled Thursday following reports the Biden administration is considering a tax hike on wealthy stock investors, while European equities rallied as the European Central Bank kept its stimulus taps wide open.
US indices rallied Wednesday, but have been under pressure most of the week amid concerns about lofty equity valuations and rising coronavirus infections in India and other countries.
But losses deepened Thursday following reports President Joe Biden is developing a plan to increase the tax rate on profits from stock transactions to 39.6% from 20% on people earning more than $1 million.
All three major US indices dropped…
