Democratic presidential candidate Joe Biden can’t believe it. A major ‘reversal’ has stunned Wall Street — it is happening right now and people nationwide are talking about it.
According to Fox Business’ Maria Bartiromo, there will be a “sizable selloff” of stocks should Biden win. The reason is none other than Biden’s stated tax policy, which would include overturning President Donald Trump’s tax cut.
“Bartiromo explained on Fox News Channel’s ‘America’s Newsroom’ that Biden’s remarks about taxes will lead to people selling before his planned GOP tax cut reversal and increase on capital gains tax,” noted Breitbart News.
But let’s hope this doesn’t happen. Election returns are trending Trump’s way — with Michigan, Pennsylvania, and Wisconsin in particular. We just might not know the actual results until the end of the week.
Regardless, Bartiromo’s point is clear: Investors are leary of a Biden win. Liberal politicians simply aren’t good for business, and the stock selloff would underscore why.
Biden, for example, has said he wants to raise the capital gains tax from 23 percent to around 44 percent. As a result, Bartiromo said that if people “have gains on paper” they are going to sell them off before the 44 percent tax hits.
Read the full story here.