Washington D.C. - In a move that is sending shockwaves through the financial community, President Joe Biden has unveiled a proposal to hike the capital gains tax to a staggering 44.6%. The plan, aimed at reducing the nation's growing wealth gap, has sparked intense debate among lawmakers, economists, and investors.

Under the proposed plan, individuals earning over $1 million annually would be subject to the increased tax rate, which would apply to profits from the sale of stocks, bonds, and other investments. The administration argues that the hike is necessary to fund social programs and provide relief to low- and middle-income families. However, critics warn that the move could stifle economic growth, drive investors overseas, and ultimately hurt the very people it aims to help.

As the proposal makes its way through Congress, politicians and pundits are weighing in on the potential consequences. While some hail the move as a necessary step towards greater economic equality, others condemn it as a draconian measure that will cripple the economy. One thing is certain: the battle over Biden's 44.6% capital gains tax has only just begun.