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2021-03-23
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Joe Biden Wants to Raise Taxes. What It Would Mean for the Stock Market.<blockquote>乔·拜登想要增税。这对股市意味着什么。</blockquote>
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What It Would Mean for the Stock Market.<blockquote>乔·拜登想要增税。这对股市意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145446245","media":"barrons","summary":"Investors seem to have ignored the possibility of higher corporate taxes under the Joe Biden adminis","content":"<p>Investors seem to have ignored the possibility of higher corporate taxes under the Joe Biden administration, yet the impact would be far from minimal.</p><p><blockquote>投资者似乎忽视了乔·拜登政府提高公司税的可能性，但影响远非最小。</blockquote></p><p> Since just before the presidential election, stocks have soared. TheS&P 500is up 19% since Nov. 2, the Monday before Election Day. And it is up 6.4%% since Jan. 4, the day before the Georgia runoff elections handed control of both houses of Congress to the Democrats, making it more likely that President Biden would be able to follow through on policy proposals centered ontrillions of dollars in government spending.</p><p><blockquote>自总统大选前以来，股市飙升。自11月2日（选举日前一周）以来，标准普尔500指数已上涨19%。自1月4日（佐治亚州决选将国会两院控制权移交给民主党的前一天）以来，该指数已上涨6.4%，这使得拜登总统更有可能贯彻以数万亿美元为中心的政策提案。政府支出。</blockquote></p><p> And stocks are just as richly valued now as they were before the Georgia result, even though bond yields were much lower then. Higher bond yields tend to drag on stocks’ valuations, so shares’ resilience signifies a high degree of optimism among investors.</p><p><blockquote>尽管当时债券收益率要低得多，但股票现在的估值与佐治亚州结果公布之前一样高。债券收益率上升往往会拖累股票估值，因此股票的弹性表明投资者高度乐观。</blockquote></p><p> The10-year Treasury yield has risen fiercely since early January, reflecting a fast-rebounding economy, but the average valuation for stocks in the S&P 500 remains at just under 22 times the per-share earnings expected for the coming year.</p><p><blockquote>自1月初以来，10年期国债收益率大幅上涨，反映出经济快速反弹，但标普500股票的平均估值仍略低于来年每股收益预期的22倍。</blockquote></p><p> “Equities do not appear to be pricing much concern regarding tax hikes,” wrote David Kostin, chief U.S. equity strategist at Goldman Sachs, in a note.</p><p><blockquote>高盛首席美国股票策略师David Kostin在一份报告中写道：“股市似乎并没有反映出对增税的太多担忧。”</blockquote></p><p> Biden’s tax policy could bring the corporate tax rate as high as 28%, from the current 21%. On its face, that would shave about 9% off of the $200 in aggregate earnings per share that FactSet data indicates is expected for companies in the S&P 500 in 2022.</p><p><blockquote>拜登的税收政策可能会使企业税率从目前的21%升至28%。从表面上看，这将比FactSet数据显示的2022年标普500公司每股200美元的总收益减少约9%。</blockquote></p><p> Aggregate earnings per share would be at $182, all else being equal. If the S&P 500 traded at20 times forward earnings by the end of this year, which many strategists forecast,then the index would be at 3640, well below its closing level of 3,940.59 on Monday.</p><p><blockquote>在其他条件相同的情况下，每股总收益为182美元。如果标普500到今年年底的预期市盈率为20倍（许多策略师预测），那么该指数将为3640点，远低于周一收盘水平3,940.59点。</blockquote></p><p> But Goldman sees the tax rate coming up to just 25%. That wouldn’t be surprising, given that there are several centrist Democrats in the Senate, who may favor a smaller increase. Such a tax increase would only shave about 5% off of S&P 500 EPS.</p><p><blockquote>但高盛预计税率仅为25%。这并不奇怪，因为参议院中有几位中间派民主党人，他们可能倾向于小幅增长。这样的增税只会使标普500的每股收益减少约5%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Joe Biden Wants to Raise Taxes. 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What It Would Mean for the Stock Market.<blockquote>乔·拜登想要增税。这对股市意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">barrons</strong><span class=\"h-time small\">2021-03-23 08:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors seem to have ignored the possibility of higher corporate taxes under the Joe Biden administration, yet the impact would be far from minimal.</p><p><blockquote>投资者似乎忽视了乔·拜登政府提高公司税的可能性，但影响远非最小。</blockquote></p><p> Since just before the presidential election, stocks have soared. TheS&P 500is up 19% since Nov. 2, the Monday before Election Day. And it is up 6.4%% since Jan. 4, the day before the Georgia runoff elections handed control of both houses of Congress to the Democrats, making it more likely that President Biden would be able to follow through on policy proposals centered ontrillions of dollars in government spending.</p><p><blockquote>自总统大选前以来，股市飙升。自11月2日（选举日前一周）以来，标准普尔500指数已上涨19%。自1月4日（佐治亚州决选将国会两院控制权移交给民主党的前一天）以来，该指数已上涨6.4%，这使得拜登总统更有可能贯彻以数万亿美元为中心的政策提案。政府支出。</blockquote></p><p> And stocks are just as richly valued now as they were before the Georgia result, even though bond yields were much lower then. Higher bond yields tend to drag on stocks’ valuations, so shares’ resilience signifies a high degree of optimism among investors.</p><p><blockquote>尽管当时债券收益率要低得多，但股票现在的估值与佐治亚州结果公布之前一样高。债券收益率上升往往会拖累股票估值，因此股票的弹性表明投资者高度乐观。</blockquote></p><p> The10-year Treasury yield has risen fiercely since early January, reflecting a fast-rebounding economy, but the average valuation for stocks in the S&P 500 remains at just under 22 times the per-share earnings expected for the coming year.</p><p><blockquote>自1月初以来，10年期国债收益率大幅上涨，反映出经济快速反弹，但标普500股票的平均估值仍略低于来年每股收益预期的22倍。</blockquote></p><p> “Equities do not appear to be pricing much concern regarding tax hikes,” wrote David Kostin, chief U.S. equity strategist at Goldman Sachs, in a note.</p><p><blockquote>高盛首席美国股票策略师David Kostin在一份报告中写道：“股市似乎并没有反映出对增税的太多担忧。”</blockquote></p><p> Biden’s tax policy could bring the corporate tax rate as high as 28%, from the current 21%. On its face, that would shave about 9% off of the $200 in aggregate earnings per share that FactSet data indicates is expected for companies in the S&P 500 in 2022.</p><p><blockquote>拜登的税收政策可能会使企业税率从目前的21%升至28%。从表面上看，这将比FactSet数据显示的2022年标普500公司每股200美元的总收益减少约9%。</blockquote></p><p> Aggregate earnings per share would be at $182, all else being equal. If the S&P 500 traded at20 times forward earnings by the end of this year, which many strategists forecast,then the index would be at 3640, well below its closing level of 3,940.59 on Monday.</p><p><blockquote>在其他条件相同的情况下，每股总收益为182美元。如果标普500到今年年底的预期市盈率为20倍（许多策略师预测），那么该指数将为3640点，远低于周一收盘水平3,940.59点。</blockquote></p><p> But Goldman sees the tax rate coming up to just 25%. That wouldn’t be surprising, given that there are several centrist Democrats in the Senate, who may favor a smaller increase. Such a tax increase would only shave about 5% off of S&P 500 EPS.</p><p><blockquote>但高盛预计税率仅为25%。这并不奇怪，因为参议院中有几位中间派民主党人，他们可能倾向于小幅增长。这样的增税只会使标普500的每股收益减少约5%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-anne-finucane-51616144400\">barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/barrons-100-most-influential-women-in-u-s-finance-anne-finucane-51616144400","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145446245","content_text":"Investors seem to have ignored the possibility of higher corporate taxes under the Joe Biden administration, yet the impact would be far from minimal.\nSince just before the presidential election, stocks have soared. TheS&P 500is up 19% since Nov. 2, the Monday before Election Day. And it is up 6.4%% since Jan. 4, the day before the Georgia runoff elections handed control of both houses of Congress to the Democrats, making it more likely that President Biden would be able to follow through on policy proposals centered ontrillions of dollars in government spending.\nAnd stocks are just as richly valued now as they were before the Georgia result, even though bond yields were much lower then. Higher bond yields tend to drag on stocks’ valuations, so shares’ resilience signifies a high degree of optimism among investors.\nThe10-year Treasury yield has risen fiercely since early January, reflecting a fast-rebounding economy, but the average valuation for stocks in the S&P 500 remains at just under 22 times the per-share earnings expected for the coming year.\n“Equities do not appear to be pricing much concern regarding tax hikes,” wrote David Kostin, chief U.S. equity strategist at Goldman Sachs, in a note.\nBiden’s tax policy could bring the corporate tax rate as high as 28%, from the current 21%. On its face, that would shave about 9% off of the $200 in aggregate earnings per share that FactSet data indicates is expected for companies in the S&P 500 in 2022.\nAggregate earnings per share would be at $182, all else being equal. If the S&P 500 traded at20 times forward earnings by the end of this year, which many strategists forecast,then the index would be at 3640, well below its closing level of 3,940.59 on Monday.\nBut Goldman sees the tax rate coming up to just 25%. That wouldn’t be surprising, given that there are several centrist Democrats in the Senate, who may favor a smaller increase. Such a tax increase would only shave about 5% off of S&P 500 EPS.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":756,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/353305739"}
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