Biden's tax and spending plan would cause 'massive selling in market,' expert says
Biden's Build Back Better bill would raise taxes on wealthy taxpayers and large corporations
Biden's tax and spending plan would cause ‘massive selling in market,’ expert says
Rosecliff Capital CEO and managing partner Mike Murphy discusses the potential consequences of Biden's proposed massive tax and spending plan.
Market expert Mike Murphy, during an interview on FOX Business "Mornings with Maria," said that Biden’s massive tax and spending plan could have major consequences for the economy and markets.
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MIKE MURPHY: To add to that, Maria, they're also going to increase the amount of tax you have to pay on your capital gains. It would be forced selling across the board. A lot of executives, a lot of fund managers like myself, you'd see major hits to the market. It's hard to quantify, but some people just literally have all of their net worth tied up in this company they've been building for years. They take it public and they sell shares intermittently. If all of a sudden the government decided to tax those unrealized gains, people whether they wanted to or not would be forced to sell. So it would be massive selling in the markets. It would cause a huge downturn. I just am very hopeful that this doesn't go through.
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