Higher taxes will create 'headwind' for stocks: Wells Fargo's Scott Wren

Higher taxes will create 'headwind' for stocks: Wells Fargo's Scott Wren

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00:00
scott wren what's your take on how much this could hurt stocks if it really comes to fruition that we get a sort of 40 percent uh capital gains tax rate for some people well i think wilfa would certainly be a headwind for stocks and would certainly cause some downside i mean for today um you know mike uh i think summed it up pretty well we've been up here at these lofty levels we haven't had much downside people are looking for an excuse we know that really higher taxes and and more regulation
00:31
typically the market uh fights through it but doesn't like it very much so you know for us when you look at this and you look at how uh discretionary spending consumer spending it is dramatically skewed toward high earners and so this would definitely dramatically affect them or certainly certainly meaningfully impact them when you throw state taxes in with what's proposed you know some of these states you know you're well over 50 percent so
01:02
i think the market that's something for the market to think about right now most things are just being overwhelmed by the amount of stimulus that's in the system and that's really going to push gdp up a lot this year so that's something that the market i think isn't going to dwell on day after day plus i think there's probably a few democratic senators that uh that would not be keen on raising this tax certainly to that extent shepard smith here thanks for watching cnbc on youtube

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