Markets Haven't Priced in Biden's Tax Hikes Yet

Higher corporate rates may have a big impact. Investors should start preparing.

Four years ago, corporate tax reform was on the agenda, but few took it seriously. What happened next? Tax reform did come through by the end of the year, under President Donald Trump and a unified Republican Congress, but it was in a very different and less ambitious form than first mooted. That led to a brief but spectacular melt-up in stock markets. It didn’t lead to any great lasting changes for the economy.