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Wealthy Investors Fear Big Biden Win Will Transform Portfolios

Oct. 16, 2020, 9:00 AM

Wealthy investors are getting ready to overhaul their portfolios and revamp long-standing strategies if former U.S. Vice President Joe Biden and Democrats win big in November.

While Biden has rejected the wealth tax pushed by Democratic primary rivals Elizabeth Warren and Bernie Sanders, his proposals could seriously disrupt the many ways that rich Americans minimize — or altogether avoid — taxes on their investment gains.

“The fact is that we ought to start rewarding work, not just wealth,” Biden said in a February debate. He added that it’s “wrong” that billionaires pay lower rates on capital gains than employees do ...