Stock market would crash under Harris' tax plan, billionaire hedge fund manager warns
Published On Nov 5, 2024, 6:00 AM
Billionaire hedge fund manager John Paulson warns that Vice President Kamala Harris' proposed tax plan could lead to a significant downturn in the stock market. The plan includes increasing capital gains tax from 20% to 28%, raising the corporate tax rate from 21% to 28%, and introducing a tax on unrealized gains, which Paulson argues would negatively affect capital investments and stock valuations. He cautions that such tax increases could have macroeconomic consequences if Harris were to become president in the 2024 election.
Stock Forecasts
SPY
Negative
Due to the potential market impact of the tax increase proposals, especially the tax on unrealized gains, investors may want to brace for a downturn in stock market performance and consider defensive positions in their portfolios.
Related News
How the outcome of the election couldimpact your wallet
Nov 5, 2024, 6:00 AM
Bankrate Senior Economic Analyst and Washington Bureau Chief Mark Hamrick talked to FOX Business about if the outcome of the election will actually impact certain economic matters.
Why stocks don't care who's president: Morning Brief
Nov 5, 2024, 6:00 AM
The stock market hasn't priced in an election winner, and Wall Street hasn't been too concerned with the machinations of the polls by and large. That's because the main factors that drive the S&P 500 won't be changing.
When Kentucky Bans Homeless Camps, Where Do People Go?
Nov 5, 2024, 5:00 AM
Angel Sivado tries to move people from the streets to permanent housing. A new law makes helping her clients more of a challenge.