Global markets reacted to President Joe Biden's proposal to raise taxes on wealthy Americans and corporations. The proposal would increase the corporate tax rate from 21% to 28% and raise taxes on those earning more than $400,000 a year. Biden also proposed an increase in capital gains taxes for those earning more than $1 million a year.

The proposal is part of Biden's $2.3 trillion infrastructure plan, which includes investments in roads, bridges, broadband, and clean energy. The plan also includes funding for education and job training programs.

The announcement of the tax proposals caused the stock market to dip, with the S&P 500 and Dow Jones both falling by around 1%. However, many experts believe that the impact of the proposals on the stock market will be temporary.

The proposed tax increases are part of Biden's efforts to raise revenue to pay for the infrastructure plan, which he hopes will create millions of jobs and stimulate economic growth. The plan has faced opposition from Republicans, who argue that it is too expensive and includes too many non-infrastructure items.

The proposal has also faced criticism from some Democrats, who argue that the tax increases do not go far enough. Some progressives have called for a wealth tax and higher taxes on the super-rich.

Overall, the reaction to Biden's tax proposals has been mixed. While some investors are worried about the impact on the stock market, others see it as a necessary step towards funding much-needed investments in infrastructure and education. The proposals will now go through the legislative process, where they will face further scrutiny and potential changes.