I don’t think the top individual marginal income rates matter as much to the economy or the average joe as corporate taxes. So for me, whichever way the wind blows on that doesn’t change anything. Whatever. I think the top 1% could only pay for the government for a couple of weeks if you took every dime away. And if you did that, most of the money isn’t cash, it’s investments and shares etc. which would become worthless very fast: there would be no market anymore since there would be no buyers. A discussion for another day...
Corporate tax rates affect the cost of goods, my job, pension benefits and retirement savings. If corporate rates go up, everything I listed there goes the wrong way for me.
I’m really just talking about how things are likely to evolve based on the past history. Biden has 2 years to get the green new deal and I don’t see anything stopping it and it will be the biggest regulation in US history. My guess is the markets and economy in general will be very disrupted by all of this. Once done, the senate flips back red, and maybe the house. That happened to Obama.
One other thing the market will hate is if the senate is red and the White House blue. Then there will be budget fights and the threat of government shutdowns will kill the markets. Flip side is there will be no additional regulations or taxes to speak of while the blue White House and red senate condition exists. I’m fine with that, but it doesn’t seem likely for the next 2 years anyway.