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Why investors shouldn’t trade on Biden’s proposed stimulus and higher taxes just yet

U.S. President Joe Biden removes his face mask as he delivers remarks on the administration’s coronavirus disease (COVID-19) response outside the White House in Washington, U.S., April 27, 2021.

Kevin Lemarque | Reuters

President Joe Biden’s American Families Plan includes significant new spending and tax incentives for working families that could spell big changes to child care and paid medical leave policies in the U.S.

Wall Street, however, is still in wait-and-see mode as investment firms encourage clients to see how lawmakers carve up the plan over the course of the next several months.

“There is a vast difference between what Biden proposes and what can eventually pass Congress,” Evercore ISI head of U.S. public policy Sarah Bianchi wrote. “Taxes are notoriously difficult to pass, and we have already seen some members coming out against some of the taxes Biden proposed with his infrastructure plan.”

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