We all knew that the tax increases might be coming for top earners in a Biden cabinet but seeing a lot of selling action today on more public news that these are on the docket. Still needs to get through the Senate but clearly there are going to be some new tax laws especially on the top tax brackets.
How will this affect demand appetite in general for high risk assets like growth stocks and crypto if the possible gains are taxed at a much higher rate? Does it eliminate or close the risk/reward gap that many of these assets bring with them?
I'm still formulating my own opinion, but curious if there are thoughtful perspectives out there worth reflecting on backed by data or past experience.