Richard Rubin

speaker

1,496 appearances 29 recordings 1 series first heard Oct 2017 last heard Jan 2024

Richard Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Biden Tax Plan Could Face Roadblocks in Congress · 10 Nov 2020 podcast

But the House is going to be tricky. matched

We don't know the final margins of the Democratic majority in the House, but it's clearly going to be smaller than one. matched

what they've had. matched

And so just like the potential issue in a Democratic Senate, a Democratic House too has to unite the moderate and progressive wings of the party. matched

And there's a bunch of disparate views within the party from about exactly how high to raise taxes and what they should be and what should happen. matched

So that is certainly a difficult situation in the House to manage. matched

And we'll just kind of have to watch that as this goes forward. matched

And so far, Wall Street likes what it sees. matched

Yeah, I think the prospect of large tax increases, the kinds that you might have seen if there had been a 55-seat Democratic majority or something, where they could have some moderate members vote against things, those are just off the table for now. matched

It's not going to happen, at least in this two-year period. matched

And so, yeah, I think there's some sort of level of – some of the uncertainty is gone now. matched

And some of those potential corporate tax increases are not going to happen. matched

Or if they do happen, maybe a little bit smaller than what sort of the maximalist view might be. matched

And so that's I think what we've seen in the stock market is sort of a response to that. matched

Yeah. matched

You could also imagine them taking a pretty close look at a lot of the regulations that the Trump administration wrote to implement the 2017 tax law and to look for ways in which some definitions could be tightened and gaps closed and anything that was sort of very business friendly in those regs. matched

And some of them were and some of them weren't. matched

You might imagine them trying to focus on a few key areas given that they don't have or in the scenario in which they don't have Congress to work with. matched

And also they'll try where they can to get Congress to make agreements with Senate Republicans and find places of common ground if that's what they're trying to do. matched

Yes, I think there are. matched

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