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What if corporate tax cuts were reversed?

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Biden's proposed corporate tax hike from 21% to 28% could lower S&P 500 after-tax EPS by 4-13%. Buybacks could suffer under tax hikes, but companies could choose to cut capex, dividends, and M&A first. Technology and Health Care saw the biggest drop in tax rates from 2017-19.

Ned Davis Research | Equities | U.S. Focus | Weekly

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