etails on how former vice president Joe Biden would rebuild the U.S. economy in the wake of the COVID-19 pandemic if he were elected president in November hit the newswires on Thursday. And one thing was confirmed for many market watchers: A Biden presidency may not be so great for stock prices.
“Biden will ensure that corporate America finally pays their fair share in taxes, puts their workers and communities first rather than their shareholders, and respects their workers’ power and voice in the workplace,” a Biden campaign email memo wrote Thursday. Titled “Build Back Better,” the plan is in line with many traditional Democratic efforts around expanded social safety nets and infrastructure investments.
To help pay for it all, Biden is keen on reversing President’s Trump’s signature corporate taxes to businesses that prior to the pandemic, had helped send stock prices to record highs.
“He will pay for the ongoing costs of the plan by reversing some of Trump’s tax cuts for corporations and imposing common-sense tax reforms that finally make sure the wealthiest Americans pay their fair share,” the memo outlined in bolded font.
The former vice president has put forth reversing half of the president’s signature tax cuts, lifting the statutory rate to 28%. Investment bank Credit Suisse estimates this change in taxes would increase the effective rate by 4% to 5%, and slash $9 off estimated S&P 500 earnings per share. Goldman Sachs has projected that Biden’s tax plan would lead it to reduce its 2021 earnings estimate by 12%.
He has to win first. Not gonna happen. Even with illegal shut downs and high unemployment, I don't think Biden can win over Trump. This isn't even Hillary falling down one time. He's continually shown proof that he's not fully functioning.
Trump has his gaffes, but Biden literally cannot function. There's a reason he's not out there and this was a press release and not a press conference. He's announcing major policy positions he'd be pushing for and cannot get in front of a camera or do an interview?
“Biden will ensure that corporate America finally pays their fair share in taxes, puts their workers and communities first rather than their shareholders, and respects their workers’ power and voice in the workplace,” a Biden campaign email memo wrote Thursday. Titled “Build Back Better,” the plan is in line with many traditional Democratic efforts around expanded social safety nets and infrastructure investments.
To help pay for it all, Biden is keen on reversing President’s Trump’s signature corporate taxes to businesses that prior to the pandemic, had helped send stock prices to record highs.
“He will pay for the ongoing costs of the plan by reversing some of Trump’s tax cuts for corporations and imposing common-sense tax reforms that finally make sure the wealthiest Americans pay their fair share,” the memo outlined in bolded font.
The former vice president has put forth reversing half of the president’s signature tax cuts, lifting the statutory rate to 28%. Investment bank Credit Suisse estimates this change in taxes would increase the effective rate by 4% to 5%, and slash $9 off estimated S&P 500 earnings per share. Goldman Sachs has projected that Biden’s tax plan would lead it to reduce its 2021 earnings estimate by 12%.
https://finance.yahoo.com/news/joe-bidens-tax-plan-may-wallop-the-stock-market-heres-one-disturbing-estimate-173751982.html