S&P 500 could see 5% earnings hit from Harris' proposed tax reforms, says Goldman Sachs

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Kamala Harris News

Corporate Tax Rate,Goldman Sachs,Donald Trump

Last 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...

- 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.

"The current U.S. statutory corporate tax rate on domestic income is 26%, but the total effective tax rate paid by the typical S&P 500 company is 19%," the brokerage added. Polls showed that Trump had built a lead over Biden but Harris has since edged ahead of the Republican candidate in some national opinion polls.A creditor filed a petition for the bankruptcy of a unit of China Evergrande New Energy Vehicle Group, a subsidiary of China Evergrande Group, in a Shanghai court, the third such petition against the embattled car company.

 

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