Big banks can shrug off a bigger tax billWhile a tax hike by Biden would hurt their profits somewhat, it may not be a disaster for financial firms. That's because many big banks have deferred tax assets that represent future savings which can help offset higher rates. The value of these assets would actually increase if tax rates went up. What's more, Biden is unlikely to push for a significantly higher corporate tax rate, some experts say. And as long as the broader economy continues to improve, that's good for big banks, too.

Source: CNN October 09, 2020 12:56 UTC