Presidential Candidate Investment Implications

by Michael Halloran
September 6, 2024
This piece highlights some of the potential industry implications of the U.S. presidential candidates’ policies.

We are not attempting to endorse a candidate; we are outlining potential market impacts of the candidates’ proposed policies.

Major Policy Differences: Taxes, tariffs, regulation, immigration, energy, and climate change top the list of major differences between Trump and Harris policies. The ability of either candidate to implement many major policy initiatives requires control of the Senate, which is discussed below.

Taxes, Tariffs, and Regulation – Trump’s signature legislative achievement was 2017’s tax reform, which lowered the corporate tax rate to 21% from 35%. Major pieces of the 2017 tax law expire at the end of 2025, and Trump wants to extend all the expiring tax cuts and lower the corporate tax rate further. Harris’s plan would raise corporate taxes, increase minimum taxes on low-tax multinationals, and increase taxes on investment income.

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About the author

Michael Halloran

Equity Strategist

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