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ASX to slip, Biden tax proposal dents Wall St – The Australian Financial Review
Australian shares are poised to open lower, with Wall Street’s rally cut short by a report of a higher than expected, pending, tax hit for wealthy Americans.
The biggest risks to the stock market are the Feds taper tantrum and aggressive tax hikes. This will likely be the initial high ask from the Biden administration on taxes. Some traders are looking for an excuse to lock-in profits and they might choose to use this tax story as their catalyst.
White House Press Secretary Jen Psaki, asked about the capital-gains plan at a press briefing, said, were still finalising what the pay-fors look like, Bloomberg also reported.
Biden is expected to release the…
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