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There was a big tech rally in the markets yesterday as President Biden unveiled his $2 Trillion infrastructure deal. The sectors that benefited the most were semiconductors, technology (software), and electric vehicles. Most notably Tesla rallied more than 5% and SOXL, the 3X bull semiconductor ETF, rallied more than 8.5%.
My portfolio finished up more than 5.27%. That is no surprise since I am heavy semis, tech and EV's.
The $2T Plan:
Put $621 billion into transportation infrastructure such as bridges, roads, public transit, ports, airports and electric vehicle development
Direct $400 billion to care for elderly and disabled Americans
Inject more than $300 billion into improving drinking-water infrastructure, expanding broadband access and upgrading electric grids
Put more than $300 billion into building and retrofitting affordable housing, along with constructing and upgrading schools
Invest $580 billion in American manufacturing, research and development and job training efforts
"To fund his more than $2 trillion plan, Biden is asking companies to pay up. Trump enacted the largest corporate tax rate cut in U.S. history, slashing the business tax rate from 35 percent to 21 percent. Biden wants to increase it to 28 percent." The US Chamber of Congress is already pushing back saying that it will be harder for American companies to compete with foreign companies. The prosed tax raises will only raise $1.5T over a decade and will add nearly $1T to the US debt.
Of course there will always be disagreement on both sides of the aisle, but in my opinion the US is desperately overdue for better infrastructure and in the mid term this will create a lot more jobs. Overall, this will pump money into the US economy for years to come. I think that we are about to enter a time similar to the roaring '20s.
Note: Risk (1 out of 5) is my opinion of how risky the stock and these plays are; 1 being the lowest and 5 is the highest.
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