would at first cause problems for the U.S. stock market. But the former hedge fund billionaire turned cryptocurrency investor contended that a victory by the former vice president would, ultimately, go on to benefit Wall Street.
"I think Biden's going to win. I hope Biden wins. But if he wins, I think the market will go down, at least initially because he's going to raise capital gains tax," Novogratz said on "There's a lot of people with a lot of gains. They're going to look and scratch their head and say, 'Hey better sell this year before the tax rate goes up.'", said that stocks would also react negatively to Biden's plans to raise the U.S. corporate tax rate from 21% to 28%. The GOP-led Tax Cuts and Jobs Act, signed into law by Trump in late 2017, cut the corporate tax rate from 35% to 21%.
"So the people that have been benefiting the most in this election, which is the 0.1% or the 1%, is going to get hit hardest by [Biden's] tax plan," he explained. "They probably can afford it. They've had a pretty good run. But \it's not going to be good for the overall market."
VOTE TRUMP 🇺🇸 SAVE THE STOCK MARKET
Unfortunately nobody will vote for 50 years of incompetent and failure, the man did nothing for the people
The ceo want Biden so they can off shore jobs again .They can use the lobbying to pay the Biden families and friends like they did before, they want to fatten their pockets while the middle class suffers again!
How can that hurt stocks
Wall street Republican does not care. Walkaway
Fake news wanted Biden, fake news wanted Biden. Biden will beat Biden himself
because of the Federal Reserve pumping free money to the big banks .
But the dip. I plan to.
I prefer Biden Stability.
STOCKS help the RICH!!! 200,000 died ! Because TRUMP LIED !! 200,000 families are hurting!! Millions are out of work !!! ‘Cause TRUMP LIED! There is more to America than the DAMN Stock market !! SO, Bezos, Tesla, Buffett, Mark Cuban and all the others lose a million! Lunch Money!
S&P is down 6% for the year if you count out top 5 big tech stocks
Change initially will require adaption of market evaluations ✌️be nimble at this time
Congrats on finding the ONE Wall Street Democrat. Great journalism.
Wall street also said a Trump presidency would hurt stocks. Who cares what Wall Street says. Vote for the candidate that doesn’t CONSTANTLY LIE.
trickle down went out like public pay phones.😉
Sounds like a dope
People want a stable government. Under Trump, there is too much chaos, things are messy and he gives out disinformation that cause confusion to the public. All of this is not good for investment.
A stable economic policy would only bolster the market. Current chaotic policy will destroy the market.
It would destroy stocks and our economy if Biden wins and pushes that radical socialist agenda.
Investors fear that the value of a corporation would deteriorate due to higher wages eating into their profit. The more people receive from their labor takes away the investors gains.
I'll take the hit. The world will thank us.
The stocks always rebound—we will gladly take the hit...
Lots of money to be made in the market on the way down. $$$
Oh u think?
Maybe so, but Biden would be able to stabilize the country by working to contain COVID19, which should help the economy, which should help the stock market. That being said, Wall St might be concerned that regulations might be reinstated?
This article is a Trump ad. 😏
The Market might actually have to earn their numbers instead of US taxpayers money being dumped into the market to inflate the number artificially?
Don't worry, private prison stocks will do just fine under a biden presidency.
A Biden win Initially hurt the market? Seriously a Biden win will drive the economy into a depression and the market with it.
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Biden's VP pick supported 'Imposing a financial transaction tax (FTT) on stock trades at 0.2 percent, bond trades at 0.1 percent, and derivative transactions at 0.002 percent'
Bull!
Trump will order the Fed to stop pumping money into the markets. That’s when the market starts tanking.
Ridiculous 🐂💩
You gotta be in the right sector if Biden wins (renewable energy )
It would be worth it.
I’m voting for Donald Biden
And destroy the US economy!
We know dementia joe would tank the markets
Leftist Propaganda. Scum media.