No sooner had US President Joe Biden’s $1.9-trillion stimulus package passed than attention turned to his big spending bill for infrastructure — and the tax rises that are likely to pay for it. For equity markets, the tax increases proposed by Democrats to fund the $2-trillion package could get quite costly quickly. Goldman Sachs has calculated that Biden’s tax plan would knock 9% off EPS for companies in the S&P 500 next year.
Financial Times..
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