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Five Things You Need to Know to Start Your Day

The S&P 500 has stalled out after a strong run higher

Biden goes big on tax, Bitcoin plunges, and it's PMI day.

President Joe Biden plans to propose raising the capital gains tax rate for the highest earners to 39.6%, rising to 43.4% when Obamacare surtaxes are included. Biden, following through on a campaign promise to tax the wealthy more, is betting the policy will be popular enough to win passage through Congress. While stocks slumped on the Bloomberg News report yesterday, Wall Street is reacting relatively calmly to the plan, with many pointing to the likelihood of long negotiations. UBS Group AG warned of a 7% hit to stock valuations as a higher rate dulls sentiment.