Posted on 07/09/2020 2:20:06 PM PDT by lasereye
Details 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.
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%.
Theoretically, those estimate revisions would put marked pressure on stock prices.
“There’s a problem. It’s all after-tax. That’s unfortunate but at the end of the day, the money you put in your pocket is after-tax. You need to put more money in your pocket. It [the Biden plan] means that stocks — all things being equal — would be lower by 25% than they are today. It may not work that way. That is at least the theory,” explained SMH Group CEO George Ball on Yahoo Finance’s The First Trade.
“Certainly Biden’s tax plan is a headwind for the market,” said Momentum Advisors chief investment officer Allan Boomer.
(Excerpt) Read more at finance.yahoo.com ...
and 5 minutes later Joe has forgotten about his plan
Keep it up Joe. You need even more reasons to lose in a landslide.
He may forget, but his handlers, including his wife and the Vice President, will not.
Plugs keep your plan so I can keep my retirement.
Seriously, I wonder what the markets will do before the election.
Yeah—we are supposed to believe that Biden has a plan for anything—the guy probably can’t find the nearest toilet...
They act as of Biden knows about this plan, He can’t even remember his own Name
The Biden plan for retirement for most people is simple - none.
A lifetime of work at a people’s collective farm or factory until you drop.
Plugs’ s biggest decision each day is whether to have lime or orange jello.
That smirking bald black woman who runs Plugs’s campaign makes all the other decisions.
“May”?
Sleepy Joe Biden is so senile and demented, he has no clue what’s in ‘his’ tax plan.
Any person, and there are many, who thinks that a “corporation” should put “workers and communities” first, ahead of shareholders does not understand capitalism. This is not the evil of capitalism, it is the ENGINE OF CAPITALISM! The risk of investing is balanced by the rewards of success and the return is usually much better than putting your money in a bank! Workers, especially union workers are persuaded by their leadership that “evil management is out to screw you!” Well, this is just a lie. The union leadership, who pay themselves huge salaries, have an interest in keeping those dolts paying dues. That is all, Folks.
If this is the Biden platform, he is a bigger loser than I thought.
If in the coming months the market tanks - it will signal a Biden win in November
As an establishment politician it’s most likely that Joe will do absolutely nothing if he’s elected.
Given that Yahoo is basically a mouthpiece for the DNC I guess this makes it official.
Joe Biden is outta there. A call is being made to the bullpen.
[Seriously, I wonder what the markets will do before the election.]
Oh, how about an “event” around September or so, that crashes the market? Convince the stupid public that it’s the fault of the President so that Joe Biden’s replacement can breeze to victory? /shiny side out!
In all seriousness, I put nothing past the coup plotters. Absolutely nothing.
[the guy probably can’t find the nearest toilet...]
Well, that depends. Really.
Joe getting a headstart on tanking the economy. I remember how he was in charge of the Obama recovery and how great it was for all Americans and I can’t wait for a repeat. /s
Consider that Biden’s idea of “fair share” for taxes completely sidesteps the major constitutional problem of unconstitutional federal taxes.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
Send "Orange Man Bad" federal and state government desperate Democrats and RINOs home in November!
Supporting PDJT with a new patriot Congress and state government leaders that will promise to fully support his already excellent work for MAGA and stopping SARS-CoV-2 will effectively give fast-working Trump a "third term" in office imo.
"The “Holy Grail” of organized crime is to control government power to tax." —me
"The power to tax involves the power to destroy, [...]” —Chief Justice John Marshall, McCulloch v. Maryland, 1819.
"The 16th Amendment effectively repealed the involuntary servitude aspect of the 13th Amendment imo, evidenced by unconstitutional federal taxes." —me
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
"13th Amendment, Section 1:
Neither slavery nor involuntary servitude [emphasis added], except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction."
"16th Amendment:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
"It’s politically correct, under the Democratic Party and its tyrant judges, to use your voting power to make your fellow citizens involuntary servants." —me
"The Democratic elite define a "pro-choice" democracy as being able to vote for your preferred master." —me
"The ill-conceived 17th Amendment not only effectively politically repealed the 3/4 state supermajority requirement of the Constitution’s Article V for ratification of proposed amendments to the Constitution imo, politically correct interpretations of the Constitution now prevailing under Democratic judicial tyranny, but also consider this. That amendment also effectively nullified Congress’s constitutional Article I, Section 8-limited powers along with the Supreme Court’s clarification of Congress’s limited power to appropriate taxes." —me
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
"The constitutionally undefined political parties are basically rival, corrupt voter unions, “union dues” paid by means of unconstitutional federal taxes. Belonging to a political party means that you are a subject, not a member.” —me
"Patriots need to support PDJT in demanding that Congress moves "April 15" tax day to the day before election day." —me
"The smart crooks long ago figured out that getting themselves elected to federal office to make unconstitutional tax laws to fill their pockets is a much easier way to make a living than robbing banks." —me
"Federal career lawmakers probably laugh all the way to the bank to deposit bribes for putting loopholes for the rich and corporations in tax appropriations laws, Congress actually not having the express constitutional authority to make most appropriations laws where domestic policy is concerned. Such laws are based on stolen state powers and uniquely associated stolen state revenues." —me
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