U.S. Treasury Secretary Yellen Says Biden Administration Likely To Revive Proposals For Higher Corporate Tax Rate Next Year
Portfolio Pulse from Benzinga Newsdesk
U.S. Treasury Secretary Janet Yellen indicated in a CNBC interview that the Biden Administration is likely to propose an increase in the corporate tax rate next year. This move is part of an effort to fund the administration's spending plans and address budget deficits.
December 13, 2023 | 3:51 pm
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The SPDR S&P 500 ETF Trust (SPY) could experience volatility as markets react to the potential for higher corporate taxes, which may affect corporate earnings and investment sentiment.
The SPDR S&P 500 ETF Trust (SPY) tracks a broad range of U.S. companies. An increase in corporate tax rates could lead to lower after-tax profits for these companies, potentially resulting in a negative short-term impact on their stock prices and the overall performance of the ETF.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 70