U.S. ISM Manufacturing PMI vs. Growth Tax (Inverted) vs. ISM New Orders Minus Inventories (Leading Indicator) Should investors expect a sharp fall in the U.S. ISM Manufacturing PMI? Image: Alpine Macro
Distribution of S&P 500 Sector Consensus 2022 Effective Tax Rates Investors should not fear a global minimum corporate tax rate of 15%. Image: Goldman Sachs Global Investment Research
Estimated Impact on Consensus 2022 EPS of Global 15% Minimum Tax Rate Wall Street should not fear a global minimum corporate tax rate of 15%. Image: Goldman Sachs Global Investment Research
Estimated S&P 500 2022 Earnings Impact Based on 25% Tax Rate Have markets priced in Biden’s tax hikes? Image: BofA US Equity & Quant Strategy
S&P 500 Return – Equity Market Trends Around U.S. Capital Gains Tax Rate Hikes Equity prices tend to decline around U.S. capital gains tax hikes, but are likely to be short-lived. Image: Goldman Sachs Global Investment Research
Potential Impact of Tax Reform on 2022 S&P 500 EPS A full implementation of the Biden tax plan would reduce S&P 500 EPS by 9%. Image: Goldman Sachs Global Investment Research
Impact of U.S. Corporate Tax Hike on S&P 500 This table suggests the impact on the S&P 500 if Joe Biden won the election and the Democrats swept both houses of Congress. Image: Societe Generale Cross Asset Research
Potential Impact of Tax Reform on 2021 S&P 500 EPS As the chart suggests, tax reform could reduce 2021 EPS by $20 or 12%. Image: Goldman Sachs Global Investment Research
U.S. Sources of Federal Tax Revenue since 1940 This chart puts into perspective the U.S. sources of federal tax revenue since 1940. Image: Deutsche Bank Global Research
Inequality – Monthly Income After Tax Minus Average Monthly Expenditures Greatest economy ever? Despite increasing wage growth and a low unemployment rate, half of the U.S. population spends more than their income. Image: Deutsche Bank Global Research
Where Do State Tax Revenues Come From? The most important category of revenue is individual income, followed by general sales. Income taxes paid by corporations rank fourth. Image: howmuch.net