Jim Cramer Says Focus on Earnings Rather Than Tax Plans

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After facing earlier pressure, markets are rising in intraday trading despite worries about President Joe Biden's proposed capital gains hike.

Biden's proposal almost doubles the capital gains tax rate for wealthy individuals to 39.6%, and when coupled with a current surtax on investment income, that means federal tax rates for investors could be as high as 43.4%, Bloomberg reported, citing people familiar with the proposal.

The president's plan would lift the capital gains rate to 39.6% for those earning $1 million or more, an increase from the current base rate of 20%, the sources told Bloomberg.

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