At the moment, it's too early to speculate what a Senate win for the Republicans might mean in terms of fiscal policy. If the GOP wins the
House and the presidency, a unified government may make it easier to
pass certain legislation. But if Congress ends up divided, with
Democrats in control of the House of Representatives, we could be
looking at more political gridlock.
Perhaps the closest thing to certainty for Wall Street and businesses
is that corporate tax rates are unlikely to increase anytime soon from
a historically low 21%. Democratic Party presidential nominee Kamala
Harris had campaigned on the idea of increasing the corporate tax rate
by 33%, from 21% to 28%, to raise additional revenue and lower the
federal deficit. A Republican-controlled Senate effectively takes tax
hikes for businesses off the table.
A historically low corporate tax rate has played a key role in
enticing Wall Street's biggest businesses to conduct substantive share buybacks. The companies that comprise the S&P 500 (SNPINDEX: ^GSPC)
spent nearly $236 billion on share repurchases in the June-ended
quarter, and have tallied more than $7 trillion in buybacks over the trailing-10-year period, according to S&P Global.
https://finance.yahoo.com/news/republicans-reclaim-senate-majority-heres-081000262.html
House control still undecided, Republicans win control of Senate
https://apnews.com/live/senate-house-election-updates-11-5-2024
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