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…
