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Galaxy Digital’s Michael Novogratz on Biden tax plans bad for stocks

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Democratic donor and money manager Michael Novogratz told CNBC on Monday that Joe Biden defeating President Donald Trump would at first cause problems for the U.S. stock market. But the former hedge fund billionaire turned cryptocurrency investor contended that a victory by the former vice president would, ultimately, go on to benefit Wall Street. 

“I think Biden’s going to win. I hope Biden wins. But if he wins, I think the market will go down, at least initially because he’s going to raise capital gains tax,” Novogratz said on “Squawk Box.” “There’s a lot of people with a lot of gains. They’re going to look and scratch their head and say, ‘Hey better sell this year before the tax…



Source cnbc.com

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