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 News, citing people familiar with the matter.
The Dow Jones Industrial Average dropped more than 300 points by the end of regular trading.
Though Intel’s revenues and earnings were better than what Wall Street had been expecting, it issued second-quarter earnings guidance below analysts’ hopes.
Corporations have for the most part managed to beat Wall Street’s forecasts thus far into earnings season.
The GOP pitched a $568 billion framework that includes funding for bridges, airports, roads and water storage.