S&P/ASX 200 slips as Biden plans to double capital gains tax for wealthy Americans

S&P/ASX 200 (INDEXASX:XJO) fell 0.24% to 7,038.8 by 12.54 pm following losses on Wall Street overnight as investors reacted to news that US President Biden could almost double the capital gains tax rate for wealthier Americans. Locally, consumer sectors fell the most while IT, materials and energy also added to broader losses. AMP demerger AMP Limited (ASX:AMP) gained 5% in early trading after announcing that it will end discussions with Ares Management regarding a potential sale of AMP Private Markets. The company will instead pursue a demerger in which AMP Private Markets would become a stand-alone, global private markets investment manager, focussing on asset classes of infrastructure equity, infrastructure debt and real estate. Capital gains tax increase Bloomberg News reported that Biden is planning a capital gains tax hike to as high as 43.4% for wealthy Americans. The proposal would hike the capital gains rate to 39.6% for those earning $1 million or more, up from 20% currently, according to Bloomberg. Top gainers Today’s top gainers on the ASX include Bardoc Gold Ltd (ASX:BDC) (+8.33%), Blue Star Helium Ltd (ASX:BNL) (+8.57%), Emperor Energy Ltd (ASX:EMP) (+11.43%), Great Boulder Resources Ltd (ASX:GBR) (+19.44%), Legend Mining Limited (ASX:LEG) (+8.33%) and Platina Resources Limited (ASX:PGM) (+14.81%). Proactive news headlines: Strategic Elements raises $3 million from institutional investors Strategic Elements Ltd (ASX:SOR) has strengthened its books through a successful $3 million placement to institutional investors. Brookside Energy on cusp of spudding high-impact Jewell Well in world-class Anadarko Basin of US Brookside Energy Ltd (ASX:BRK) (OTCMKTS:RDFEF) is making strong progress on the high-impact Jewell 13-12-1S-3W Well in the SWISH area of interest within the Anadarko Basin of the US with the completion of pre-mobilisation inspection, testing and maintenance works on the contracted rig. Elementos goes all out to capitalise on strong tin market and high prices Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) is taking big steps to capitalise on strong tin market fundamentals, including high prices, through exploration, development and production of high-grade tin projects in stable jurisdictions. King River Resources makes progress with PFS into production of quality, high-value HPA at proposed Kwinana plant King River Resources Ltd (ASX:KRR) is making progress with test-work for a pre-feasibility study (PFS) into the production of high purity alumina (HPA) using its specially developed refining process at a proposed processing operation at Kwinana in Western Australia. Tyranna Resources set to begin fieldwork on three target areas at Knight and Dragon Project in Western Australia Tyranna Resources Ltd (ASX:TYX) (FRA:IRN) is set to take the next step in advancing the Dragon & Knight Project in Western Australia’s eastern Wheatbelt region with fieldwork about to begin. Pharmaxis has multiple potential value inflection points with two drugs advancing in clinical trials Pharmaxis Ltd (ASX:PXS) (FRA:UUD) has multiple potential value inflection points over the next two years, with two drugs in clinical trials that are due to report meaningful efficacy and safety endpoints in patients by the end of 2022. Cohiba Minerals confirms IOCG potential at Olympic Domain tenements, plans aggressive exploration Cohiba Minerals Ltd (ASX:CHK) has revealed that its tenement package in the Gawler Craton of South Australia contains strong potential for iron oxide-copper-gold (IOCG) deposits and as a part of its 2021 strategy, plans to aggressively undertake exploration activities.