After rumors of a “rich man’s tax”, Wall Street will fall all week.
Wall Street is down this week. Among the rising stocks, Snap shares rose 8.4% after the company’s quarterly data released earlier than expected. The company increased its revenue and number of users in the first quarter of this year.
These are the three indexes at the opening of Friday:
All three major indexes fell by about 1% yesterday, which is the result of developments. Bloomberg wrote on Thursday that U.S. President Joe Biden is planning to implement a “rich man tax” that will increase the profit tax rate for the wealthiest people to more than 40%.
Those earning a million dollars or more may increase the tax rate from 20% to 39.6%.