The Biden administration’s plan to raise taxes on capital gains “worries” Wall Street, which closed down sharply. The S & P500 index lost 0.92% to 4,134.95 points, the Dow Jones lost 0.95% to 33,814.91 points while the Nasdaq slid 0.94% to 13,818.41 points.

The president of the United States is expected to present his plan in the next few days, before the intervention in Congress. The new tax revenues will be used to finance education and childcare services, two spending items that the Democrats do not intend to backtrack that are part of the American Family Plan.