19.3 C
New York
Tuesday, September 21, 2021
spot_img

Mr. Biden Believes that US Companies Have Too Much Money

#companies #money #Biden #FOMC

$DIA $SPY $RUTX $QQQ $VXX

Biden’s new tax proposal is about the Democrats’ social agenda, not revenue“–Representative Mike Turner (R-OH)

Mr. Biden is planning the 1st major tax hike since Y 1993, a boost that could include an increase in the corporate tax rate and the individual rate for individuals earning over $400,000 per yr. 

The changes will include the repeal of parts of former President Trump’s 2017 tax cut legislation and could include a 7-pt percentage increase in the corporate tax rate, from 21 to 28%, an expansion of the estate tax, and a raise in the capital gains tax for people earning more than $1-M per yr.

Clearly it is a signal that Democrats will look to high-income people and large corporations for revenue help fund the infrastructure investment package to come.

This in the wake of the American Rescue Plan that includes $1,400 in stimulus checks to Americans, an extension of unemployment benefits and funds for state and local governments, among other items. And, a slip in of $60-B worth of little-noticed tax hikes added late in the legislative process.

Mr. Biden’s tax plan features higher levies on corporations and wealthy Americans, with relief eyed for middle-class households, including those in the $110,000-a-yr income range.

You cannot grow the economy by hiking taxes, that is bad policy.

Tuesday, the benchmark US stock market indexes finished mixed at: DJIA -127.51 to 32825.95, NAS Comp +11.86 at 13471.58, S&P 500 -6.23 to 3962.71

Volume: Trade on the NYSE came in at 986-M/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market indexes is still Bullish with a Very Bullish bias

  • Russell 2000 +17.5% YTD
  • DJIA +7.3% YTD
  • S&P 500 +5.5% YTD
  • NAS Comp +4.5% YTD

Looking Ahead: Along with the FOMC Rate Decision, investors will receive Housing Starts and Building Permits for February and the MBA Mortgage Applications Index Wednesday. 

Have a happy St. Patrick’s Day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

Related Articles

Stay Connected

15,334FansLike
43,300FollowersFollow
2,855SubscribersSubscribe
- Advertisement -spot_img

Latest Articles