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Analysis: Clashes Over Taxes, Debt Limit Challenge Rally in US Stocks

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

NEW YORK—Investors are ramping up their focus on Washington, as the twin prospects of a tax hike and a potentially prolonged fight over raising the debt ceiling loom over a rally in U.S. stocks. Democrats in the U.S. House of Representatives on Monday proposed raising the top tax rate on corporations to 26.5 percent from the current 21 percent, and increasing income and capital gains taxes on individuals making above $400,000 as part of a plan to rollback former President Donald Trump’s signature tax bill passed in 2017. Those measures could spell trouble for sectors such as technology and healthcare, where many investors are likely sitting on outsized capital gains, while also leading to tax-motivated selling near the end of the year as households attempt to lock in lower capital gains rates, said Margaret Patel, senior portfolio manager at Wells Fargo. “This will have to come out of stock market …

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