The stock market has been living on the leftovers from President Donald Trump so far this year.

All the damage Joe Biden has promised with his policies hadn’t quite hit the market yet.

But today, the issues with Joe Biden finally caught up to the market and it took a nosedive.

BREAKING: Stocks sharply drop to new session lows; Bloomberg reports President Biden will propose a capital gains tax as high as 43.4% for the wealthy. https://t.co/G2vjJUIJ82 pic.twitter.com/6N6hwRWBtl

— CNBC Now (@CNBCnow) April 22, 2021

Why? Because the Biden regime finally pulled off the blinders on some of the horrible stuff they have coming down the pike and confessed that they were considering a whopping capital gains tax rate increase, nearly doubling it, to 39.6%, according to Market Watch. With the existing surtax on investment income, that could make the rate as high as 43.4% for the “wealthy.” Biden is expected to drop this plan next week to help pay, a little bit, for all the social spending that Joe has been piling up.

The Dow Jones Industrial Average fell nearly 350 points or 1%, while the Nasdaq Composite and S&P 500 fell 0.38% and 0.46%, respectively, in reaction to this news.

Stocks extend drop; Dow falls 1% or nearly 350 points after reports that Biden will propose hiking capital gains tax for the wealthy https://t.co/G2vjJUIJ82 pic.twitter.com/mLC038l9R9

— CNBC Now (@CNBCnow) April 22, 2021

Imagine that, on top of an economy that has been struggling to come back, after all the harm of pandemic restrictions. Democrats always want to try to sell this stuff as only hitting the “wealthy,” but it always includes us one way or another in the end, either because they outright tax us non-wealthy people, too, or the taxes they impose are then passed onto us.

Venture capital investor Tim Draper explained how this would kill jobs and would be even worse, at 56.4% tax burden in California.

43.4% capital gains tax might kill the golden goose that is America/Silicon Valley. People need an incentive to build long term #startups of value. In California, that would be a 56.4% tax burden. >50% Spells death to job creation.

— Tim Draper (@TimDraper) April 22, 2021

THE BIDEN ECONOMY! 43% Capital Gains Tax.

Contrast with Trump's Economy. Tax Cuts, American Jobs and Employment on the rise.

"bUt tHAt wAs jUsT oBAMaS EcONomY kIcKInG iN" https://t.co/Wz4laa1NC2 pic.twitter.com/2ZKEoEMcth

— Malcolm Fle✘ (@Malcolm_fleX48) April 22, 2021

"TAX ME HARDER GRANDPAAAAA!!

Put that capital gains tax on my earniiiiiings!"

-Democrats https://t.co/eHf0auMF2R

— Malcolm Fle✘ (@Malcolm_fleX48) April 22, 2021

Biden is trying to kill the golden goose of the stock market and the good things in the economy that Trump left him. He’s off to a roaring start.