Let the predictions begin for the stock market should President Trump not win re-election.
Higher corporate taxes and lower profits could be lurking in 2021 if former Vice President Joe Biden wins the presidency from President Trump, suggests strategists at Goldman Sachs. The billion-dollar question is whether markets would tank in the lead-up to signs a Biden presidency —and its era of higher taxes on businesses and households — is inevitable.
The U.S. stock market touched all-time highs in February just before COVID-19 took root in the U.S. — many on the Street would point to the tax cuts as the main driver of surging valuations. iQ Capital CEO Keith Bliss told Yahoo Finance’s The First Trade he is concerned about the prospect of higher taxes under Biden and how the “manufacturing renaissance” under Trump is kept alive by the former vice president. Ultimately, Bliss said the market is unlikely to start pricing in election risk until midway through the third quarter as debate season begins and Election Day comes more into focus.
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