U.S. President Joe Biden will propose almost doubling the capital gains tax rate on the rich to fund programs aimed in part at rectifying historic economic inequality. For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means federal tax rates for wealthy investors could be as high as 43.4%. Republicans unsurprisingly slammed the initiative while praising their own 2017 tax overhaul. Senator Chuck Grassley of Iowa said of that law, which cut taxes for the rich and corporations: “If it ain’t broke, don’t fix it.” —David E. Rovella 

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories   

Wall Street traders, focused on the implications of the White House plan for investing, said a higher levy on stock profits could lead to a sell-off in the near-term. Here’s your markets wrap.

One of the largest studies of Covid-19 “long haulers” has proved what many doctors suspected: Not only are many patients suffering a raft of health problems six months after infection, they’re also at significantly greater risk of dying.

With the majority of vaccinations having taken place in the world’s richest countries, the Biden administration is weighing an appeal from progressive Democrats to accelerate global access to Covid-19 vaccines by supporting a waiver of intellectual-property protections, a move opposed by big drugmakers. Meanwhile, thousands are dying from the virus daily as variants spread, a dynamic that could lead to current vaccines becoming ineffective. India just set a record for a single day of infections at 314,000. Here is the latest on the pandemic.

Several funeral pyres burn on the Gomti riverfront on April 15 in Lucknow, India. More than 2,000 Indians died from Covid-19 on Wednesday.

Photographer: Hindustan Times/Hindustan Times

For months after the first Covid-19 vaccines became available, Americans were willing to wait in line, obsessively refresh booking websites and drive long distances for the shots. That’s changing. Now, companies are starting to pay workers to get vaccinated.

The boss of a Texas investment firm admitted to a $31 million fraud and called in federal investigators after losing almost all of his money under management.

Happy Earth Day. Bitcoin mining is considered by many to be environmentally destructive given the tremendous amount of energy it requires. But according to Cathie Wood’s ARK Investment Management, it could actually be good for the planet.

Supreme Court Justice Amy Coney Barrett, a Donald Trump nominee who ascended to the bench only after an unprecedented, last-minute push by then Senate Majority Leader Mitch McConnell at the height of the 2020 campaign, is causing even more controversy. She has a really big book deal. 

Amy Coney Barrett

Photographer: Daniel Acker/Bloomberg

What you’ll need to know tomorrow 

• Behind TikTok is a Chinese tech giant fueling the world’s hottest app.
• Pandemic-battered workers change retirement plans to work longer.
• Putin retreats from Ukraine border following U.S. warnings.
• Blackstone bets billions on a Covid reopening and travel revival.
• Up to 20% of groundwater wells worldwide are almost dry.
• Bitcoin keeps falling, dropping for the sixth time in seven days. 
• Forget Atlanta: China now has the world’s busiest airport.

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What you’ll want to read in Bloomberg Pursuits

Four Old-Growth Forests to Visit (While You Can)

If you spent 2020 checking off national parks and road tripping close to home, it may be time for the next great thing outdoors: exploring the arboreal wonder of an old-growth forest.

An ancient tropical tree in Daintree National Park.

Photographer: Ingo Oeland / Alamy Stock Photo

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Bloomberg Green Summit: Join Bloomberg on April 26 and April 27 to hear from former U.S. Vice President Al Gore, climatologist Dr. Michael E. Mann and the CEOs of Dow and Ariel Investments as they discuss their commitment to a net-zero economy, how to rebuild after the pandemic and what they’re doing to inspire and enact lasting change. Register here.

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