Many netizens are currently making comparisons between Biden and Trump and our story here is about the stock markets under the administrations of these two men.
As one is ultra-conservative and the other ultra-liberal, there are several significant differences between the two leaders. Both sides of the political spectrum are making accusations that the other is better, which has resulted in a heated debate online.
Biden under fire for new taxes
taxing unrealized gains after the shit show of 2022 is absolutely insane
— Shibetoshi Nakamoto (@BillyM2k) March 8, 2023
Biden and Stock Markets
Biden is enacting a new tax for wealthy individuals for their unrealised capital gains. The tax is up four fold. This may affect the stock market as there are investors who are weary of investing their capital.
Netizens are criticising Biden for the alleged messes he made in 2022 that this will definitely be a blow to the Democrats. Another responds with a joke questioning if it is an unexpected loss, will it be refunded by the government?
You will eventually have to pay taxes on your 401 k that you can’t touch until 60 but since it is making money you will pay. If you believe it is only for people over 400k you are deluding yourself.
— Calicoprincess23 (@Calicoprincess1) March 8, 2023
Some comment that this is one of the good things that Biden will do. However, the netizen claims that the rich people are still not taxed enough. There are some doubts about this ruling as others speculate that the retirement fund, 401k will be taxed too.
Compare Trump and Biden
According to FactsAreFirst, the stark differences between the stock markets during Trump and Biden’s rule is shocking. However, some factors do need to come into play, for example, the Covid-19 outbreak did leave a heavy impact on the stock market.
Cumulatively, NASDAQ under Trump was 33.72% gain and now with Biden in power, it’s -12.69% loss. That is a big -46.41% gap between the two presidents. Next, the GDP growth under Biden seems to be growing at 1.12%.
To sum up, Joe Biden has outperformed Donald Trump on two of the five metrics measured for cumulative performance. His highest difference was in the Job Growth category, where he performed 5.60% better than Trump. However, his lowest difference was in the NASDAQ Index category, where he performed 46.41% worse than Trump. So much for the stock markets and their performances.
NOTE: President Joe Biden’s Photo is from Wikipedia
