Biden wants to wrap tax on the rich in a cheap medicine bill

The American Democratic Party wants to introduce legislation in the short term to reduce the prices of medicine. The legislation could already be included in the American Families Plan that Biden is expected to unveil next week. This comprehensive plan also includes new rules on childcare and paid leave.

“Reducing health costs and prescription drug prices for American families is a top priority for Democrats, which is also strongly supported by Republicans, and we expect it to be part of the American Families Plan,” said Henry Connelly, spokesperson for Democratic Speaker of the House of Representatives Nancy Pelosi.

On Thursday evening news agency Bloomberg reported on the basis of sources that Biden will also announce a significant increase in capital gains tax for wealthy Americans when presenting the American Families Plan. This news immediately led to a fall in stock prices on Wall Street.

The shares of pharmaceutical and biotech companies were under pressure on Wall Street Thursday night. For example, Pfizer, Merck and Gilead lost approximately 2 percent of their market capitalization.