Market Update – August 07, 2020

With less than 90 days until the 2020 U.S. presidential election, it is natural to inquire how the stock market might react to a change in administration. The U.S. stock market benefited from the Tax Cuts and Jobs Act of 2017 when the highest corporate tax rate decreased from 35% to 21%. Investors are now asking if Joe Biden becomes the next president and follows through with his plan to increase corporate taxes, will the market give up all the gains from the tax cuts?