"We have frequently highlighted the investment implications of this year’s elections. One of the ways the election impacts the markets is through the candidates’ stances on tax policy. The market impact of the investor tax cuts in 2003 that lowered dividend and capital gains tax to 15% was difficult to discern, given the geopolitical and economic environment at the time, and the impact of the reversal of these provisions may be equally difficult to discern separately from their macro context"…..

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