US equities investors are attempting to gauge the strength of a “storm” on the horizon as President Joe Biden lobbies for tax rises that would partially reverse a historic windfall doled out to corporate America by his predecessor.
Stocks this week sailed to new peaks as fund managers shrug off risks ranging from rising borrowing costs, to elevated valuations and a new wave of coronavirus sweeping parts of America and other leading global economies.
But Biden’s proposal to raise the corporate tax rate from 21 per cent to 28 per cent and enact a global minimum tax represents a fresh threat that some analysts warn could derail the steady rise in US stocks.
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