Wall Street starts lower as Biden admin eyes tax hike
Shares on major stock markets in the United States were in the negative territory at the opening bell on Tuesday after a potential tax jump sparked worries among investors.
The Biden administration is reportedly looking to increase the corporate tax rate from 21% to 28% and impose a global minimum tax on profits from foreign subsidiaries. On the other hand, United States Transportation Secretary Pete Buttigieg said the White House has no plans to implement gasoline taxes or new vehicle miles traveled (VMT) fee in a $3 trillion infrastructure bill.
The Dow Jones opened 0.13% lower as Intel Corp declined by 1.69% at 9:45 am ET, while the S&P 500 slid 0.26% at the same time with APA Corp plunging 4.26% at 9:46 am ET. The Nasdaq 100 kicked off in the red, dropping 0.50% as Moderna sank 3.18% at 9:43 am ET. The euro slipped 0.37% against the dollar, going for 1.17211 at 9:27 am ET.
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