Markets are still digesting prospects for higher taxes, with some strategists suggesting that pent-up demand in the economy may help offset damage any increase will inflict on equities.
“It’s becoming more and more of something that’s on the mind of investors,” Tim Murray, the capital markets strategist for T. Rowe Price Group Inc.’s multi-asset division, told MarketWatch in a phone interview Monday. He said large growth and technology stocks COMP, +0.10% that are highly valued stand to be among the hardest hit as they face potentially higher tax rates on their foreign revenue streams.
“ “Like Willie Sutton used to rob banks ‘because that’s where the money is,’ the governments now are looking at these large, very successful multinationals because that’s where money is now…” ” “Just like Willie Sutton used to rob banks ‘because that’s where the money is,’ the governments now are looking at these large, very successful multinationals, because that’s where money is nowadays,” Solloway told MarketWatch.The “real” prospects for higher inflation and taxes in the short run threaten equity returns, particularly stocks with high valuations, JPMorgan’s Kelly said in his note.
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