... there have been three recent, real-world opportunities to observe the impact of a capital gains tax hike -- in 1987, 1988 and 2013. In each case, equities (with the exception of momentum stocks) stumbled before the hikes were enacted but outperformed afterward.


the fruits of the market's boom have been narrowly enjoyed. The wealthiest 1% of Americans reported about 75% of all long-term capital gains in 2019, according to the Tax Policy Center, with the wealthiest 0.1% -- the cohort with annual incomes above $3.8 million -- hauling in more than half of all capital gains.

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