Investors are worried that President Joe Biden is about to hit them with the highest tax burden they’ve seen in more than a century, but Goldman Sachs thinks the end version likely will be something considerably less severe.

Various media reports indicate the president will propose taxing capital gains at the top ordinary tax rate, which would be 43.4% when including the current 3.8% on net investment income tax. The increase would apply to those earning $1 million or more.