U.S. Vice President and Democratic presidential candidate Kamala Harris’ proposed corporate tax hike ahead of the November Presidential elections could lower earnings for companies on the benchmark S&P 500 index by about 5%, analysts at Goldman Sachs said.
On the other hand, Trump’s proposed relief on the federal statutory domestic corporate tax rate to 15% from the current 21% would “arithmetically” boost S&P 500 earnings by about 4%. Goldman projected with each 1 percentage point change in the U.S. statutory domestic tax rate the shift in S&P 500 earnings per share would be slightly less than 1% or about $2 of S&P 500 EPS.
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S&P 500 could see 5% earnings hit from Harris' proposed tax reforms, says Goldman SachsLast month, Harris proposed raising the corporate tax rate to 28% from 21% and ensure 'big corporations pay their fair share,' if she wins the election...
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