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YOUR MONEY with MARK: The impact of tax increases on businesses

Financial Advisor Mark Grywacheski shared his concerns with us Wednesday, May 5th.

DAVENPORT, Iowa — Government aid is leading to a fast recovery of the American economy, according to an article from the Associated Press.

"The latest data shows the US economy is continuing its strong recovery since early summer 2020," Financial Advisor Mark Grywacheski said Friday morning, April 30th. 

There are concerns though about next year when it comes to putting money in the stock market. Grywacheski says President Joe Biden's proposed tax hikes on personal income, businesses, and capital gains for higher-earning families and individuals are already impacting the market. The President has proposed raising the corporate tax rate from 21 to 28%. He says that could impact business owners who are already moving from states like Illinois into neighboring ones like Iowa because it's cheaper to do business there.

"For corporations, that migration extends across our nation's border," Grywacheski said Wednesday, May 5th. "They leave to other nations that are more business friendly, and unfortunately, they tend to take their operations and jobs with them."

Grywacheski says this will add to the volatility of the stock market that we've seen over the last five months. Your Money with Mark traditionally airs every Monday morning in-between 5 and 5:30 a.m.