Joe Biden’s planned capital-gains tax may put immediate selling pressure on stocks, according to Goldman Sachs. In a Friday note the firm explained that the last capital-gains tax hike in 2013 sparked a stock sell-off worth roughly $100 billion from wealthy individuals. However, those individuals who sold quickly bought back stocks only a few months later, leading Goldman to conclude that the household selling around tax hikes will be “short-lived and fully offset in the subsequent quarters.”

Biden’s planned capital-gains tax hike may put immediate selling pressure on stocks given what’s happened in markets after previous rate increases, according to Goldman Sachs.

A team of Goldman analysts led by Arjun Menon wrote on Friday that Joe Biden’s proposed changes to the corporate tax

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