BULLS & BEARS: Don't expect market assumptions to be true

The other day, a client asked me the following question about the stock market: "How are we going to play the downside when the next president is a Democrat and raises taxes?" That question has three assumptions in it: Presidents who are Democrats raise income taxes. The stock market will drop if taxes are raised. The next president will be a Democrat. For more than five decades, tax rates on personal income have basically been dropping. In the 1950s, the...

 

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