Who Wins, Who Loses? Biden and Trump's Tax Policies Are Very Different
Portfolio Pulse from Michael Juliano
As the November election approaches, President Joe Biden and former President Donald Trump propose contrasting tax policies. Trump's plan includes maintaining the 2017 Tax Cuts and Jobs Act, while Biden aims to let tax cuts for the wealthy expire and increase taxes on high earners and corporations. Stocks and ETFs in the tax-preparation and financial sectors showed mixed reactions to these proposals.
June 28, 2024 | 8:28 pm
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NEGATIVE IMPACT
Vanguard Consumer Staples ETF fell 0.55% in response to the tax policy proposals.
The Vanguard Consumer Staples ETF saw a negative reaction, possibly due to concerns about increased costs and tariffs affecting consumer goods prices under the proposed tax policies.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
Utilities Select Sector SPDR Fund dipped 1.28% in response to the tax policy proposals.
The Utilities Select Sector SPDR Fund saw a negative reaction, possibly due to concerns about increased corporate taxes and tariffs affecting utility companies under the proposed tax policies.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
H&R Block Inc. gained 0.67% to $53.89 following the tax policy proposals from Biden and Trump.
H&R Block Inc. saw a positive reaction, likely due to the potential for increased demand for tax preparation services under both proposed tax policies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Intuit Inc. edged up 0.90% to $567.30 in response to the tax policy proposals.
Intuit Inc. experienced a positive reaction, likely due to the potential for increased demand for tax software and services under both proposed tax policies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shares U.S. Financials ETF ticked up 0.27% in response to the tax policy proposals.
The U.S. Financials ETF saw a slight positive reaction, reflecting overall market sentiment towards financial sector stocks under both proposed tax policies.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Morgan Stanley improved 0.77% to $96.51 following the tax policy proposals.
Morgan Stanley saw a positive reaction, likely due to the potential for increased financial advisory and investment services demand under both proposed tax policies.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70