Biden’s impact on the technology sector – rising taxes and increased regulation
What does Biden mean for all those tech stocks investors love hoarding? Bad news first…
- Increase taxes on tech companies, who already pay fewer taxes on their income generated outside the US. Biden’s plans are to double the tax rate on the income these companies make internationally to 21%.
- Changes to Section 230, a law that protects platforms like Facebook from being sued for user-posted content. Biden had previously called for the law to be revoked or removed — bad news for social media companies.