Lv 7
asked in Business & FinanceInvesting · 1 month ago

why did the big companies on Wall Street want Joe Biden to be president when he is going to put major taxes on them?

he is talking about taxing them like 15 percent more, or how much more? why they would be for that?

15 Answers

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  • John
    Lv 6
    1 month ago

    Major business magazines, including Fortune, ran articles on this subject.  Polls of top executives overwhelmingly favored Biden.  The primary reason was because of (1) instability of Trump's policies (announcing policies, and then reversing them after a few days or weeks), and (2) his trade war with China.  

  • 1 month ago

    One word:  Stability.

    Trump tended to change his mind based on the last person that he talked to.

  • 1 month ago

    the Wall St billionaires feared Trump's instability far more than a tax increase

  • Amy
    Lv 7
    1 month ago

    (1) Congress, not the president, sets taxes.

    (2) They want the other things Biden promised, e.g. fight climate change (which has cost billions in property damage) and fix the immigration system (which has been skewing labor prices). 

    (3) There's value in predictability. It's better to know for certain there is going to be a tax, than to have no idea whether the lunatic in the White House is going to impose tariffs on your biggest market, start a race riot, start a nuclear war, or just spend all week golfing.

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  • 1 month ago

    You seriously think they all don't have their lobbyists? There aren't going to be any meaningful changes with all the special interest groups. So what if the tax rates change? There are plenty of ways to reduce your tax burden with expensing and write offs.

  • 1 month ago

    You do understand that at one point the tax rate on big business used to be 90%, right? Learn your history.  It rises and falls. 

  • 1 month ago

    I understand your confusion, but that's a really complicated issue. But before I go any further, allow me to explain corporations and taxes. They pay none. I know, I know..you've heard the socialist democrats claim that republicans give big corporations tax cuts, and that is somewhat true, but... The board, the stockholders, everyone on the "money" side of a corp. is going to get their (I'll make up a number) 25% profit. They don't care if you tax them 10, 20, 30, 40 or 50%. They'll charge more for the product, so the customer is the one paying the tax, never them. Its like when you see people cheering when someone gets 10 million dollars because a cop hit them with a flashlight or something. The cop didn't pay the settlement, nor did the police department. The stupid people from the neighborhood that are cheering the settlement are the ones that are paying thru higher taxes and insurance. Some people just never get it, or refuse to accept the facts. Hope this helped?

    Source(s): For some, no explanation is needed, for others, no explanation is possible.
  • 1 month ago

    Because paying a (relatively low) 15% tax would not be as bad for them as another four years of Trump.

  • 1 month ago

    Because the Wall St billionaires feared Trump's instability far more than a tax increase.

  • Anonymous
    1 month ago

    maybe cause they like biden

    Source(s): pearl
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