Taxes, anti-business policy threaten 'economic boom,' market expert says
Biden attempts to pass higher tax package through reconciliation
Wealth Consulting Group CEO Jimmy Lee weighs in on the state of the markets amid tax hikes.
The markets are looking to extend a three-day winning streak as earnings season rolls through, but the biggest threat to securing an economic boom is politicians inevitably hiking taxes and anti-business policy, Wealth Consulting Group CEO Jimmy Lee said Friday on FOX Business' "Mornings with Maria."
Big tech giants such as Facebook, Google and Apple will all be reporting earnings next week which Lee predicted should look positive with the recent track record of almost 90% of companies beating the street.
"I think we’re set up to see new highs potentially in some of those companies," he said. "I’m expecting good numbers… We’re set up for an economic boom. I think the biggest risk to that are the politicians."
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Lee reiterated that he’s bullish on the economy at this point unless politicians foul it up with anti-business or bad tax policies, especially since lower interest rates have allowed tech companies to continue growing to market potential.
Wealth Consulting Group CEO Jimmy Lee and WSJ assistant editorial page editor James Freeman discuss market movement in anticipation of tax hikes.
As President Biden attempts to jam through higher taxes, Lee believes "cooler heads" will prevail and hopes the government’s tax policy does not sit too negatively on the economy.
"We will get higher taxes, of course, but not in maybe some of the discussions that we’ve heard from the White House -- how bad it could be or going after the wealthy and business owners and so forth," he said.
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"I don’t think that higher taxes will necessarily hurt the large companies out there but we really don’t want to hurt the small business owners that employ a lot of Americans," he went on. "We need to get these jobs filled."