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Goldman warns of a Democratic sweep, says Biden tax plan could cut S&P 500 earnings by 12%

Democratic nominee for president Joe Biden gives a speech to workers after touring McGregor Industries in Dunmore, Pennsylvania on July 9, 2020.
Timothy A. Clary | AFP | Getty Images

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Goldman Sachs warned about the rising market risk from the upcoming U.S. presidential election, saying the tax proposals that might be enacted under Democratic presidential candidate Joe Biden could take a big bite out of S&P 500 earnings. 

The bank listed stocks most sensitive to a potential reversal of President Donald Trump's landmark corporate tax cuts.