⏱Wait, it's over?
Happy Sunday everyone! If you prefer to listen to an audio version of this newsletter, check out our new podcast on Apple or Google! Anyway, some big things happened yesterday, like that #1 Clemson vs #4 Notre Dame game. Oh, and some election news...
0:06- Joe Biden has been elected President of the United States
Early yesterday, the Associated Press called the presidential race for Joe Biden as he officially earned 273 electoral college votes, winning him the race. In his first statement as President Elect, he said, “I am honored and humbled by the trust the American people have placed in me and in Vice President-elect Harris.”, and “It’s time for America to unite. And to heal.”
0:23- So what will the nation’s economy look like on January 21st?
Biden has been very clear about what he wants the economy to look like while he’s in office:
Tax hikes for the wealthy: Under a Biden presidency, anyone making more than $400k a year will go from paying a 37% tax rate to a 39.6% rate, and anyone in the top 0.1% will be placed in a 43% tax bracket.
Tax hikes for corporations: Biden plans to undo the move made by Trump and increase corporate rates from the current 21% to a higher 28%.
Covid policies: Biden has pledged to open more than 2x the current amount of rapid testing sites ($75Bn), give new funding to schools and child care providers so they can open safely ($225Bn in funding), and to push governors and other leaders of local government to require masks through mandates.
Will he be able to get these things done? Although there will be a Democratic President and House, it appears as though there will be a Republican Senate that would cause some gridlock in the legislative branch. The market views that as a best case scenario, as it will be certainly harder for Biden to enact new laws.
1:15- A historic first for our nation-
As Joe Biden became President Elect, Kamala Harris became VP Elect becoming the first woman in the White House, the first African American VP, and the first VP with South Asian descent. Talk about breaking barriers.
1:25- So is it over? Well, probably, but...
Trump is adamant that the race is not over, even going so far to claim he won the election in a tweet. He is insistent that his lawsuits will get votes thrown out, and that he will win, “by a lot”.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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