Biden’s tax programs a ‘war on success’: Analyst

President Biden’s new tax hike push is a “war on success” and the markets are “certainly” likely to react to it, Fitz-Gerald Team main financial investment officer Keith Fitz-Gerald explained to FOX Business’ Stuart Varney on Monday. 

BIDEN’S PROPOSED TAX HIKES PUNISH THE US Economic climate: REP. KEVIN BRADY

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KEITH FITZ-GERALD: I assume the current market has now factored that in. For a longer time-time period, while, I believe it’s a extremely, really distinctive equation. You can call this a war on achievements, scorched Earth tax coverage, whatever you want, but massive federal government equals little wallet. And I assume the markets are absolutely heading to respond to it. The only concern is how? 

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I imagine it is a two-fold problem. I think company is only 50 percent of the equation, for the reason that if you clobber the particular tax exemption, then in some states, for illustration, your tax load is going to be more than 50%, which is the very definition of socialism. Your federal government now has additional manage above your dollars, your profits and your taxes than you do. 

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The reality of the situation is if you look at record, it hurts the extremely men and women you’re going to, you’re going to support. Individuals with that variety of funds… have obtain to the most effective tax lawyers, the best accountants. And once again, the data I’ve noticed indicates that if President Biden goes ahead with what we know of his tax options, it is a 9 to 11% strike for the typical S&P 500 EPS earnings per share. 

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