The odds of the United States Senate turning to Democratic control are growing slimmer, which is excellent news for Wall Street however most likely spells protracted discomfort for struggling workers and businesses.
A premature statement of triumph.
In the meantime, Wall Street is shrugging off the unpredictability surrounding the United States presidential election. Stocks rallied on Wednesday as investors focused instead on the outcome that might actually hit them in the wallet– a significant shake-up of the US Senate.
While the White Home sets programs on taxes and spending, it is Congress that eventually manages the bag strings in America.
Today, Republicans control the Senate. And though there was much speculation of a “blue wave” sweeping Democrats to power in both homes of Congress, the odds of the Senate flipping blue are looking way slimmer now than they were on Tuesday.
Even if Democratic governmental candidate Joe Biden wins the Oval Office, a Republican-controlled Senate could quash his greatest financial priorities, including proposed tax walkings. Biden has proposed boosts in the capital gains tax– which is where owners of properties like stocks make a great deal of their money– along with higher tax rates for corporations and wealthy Americans.
With the Senate in Republican hands, those