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

(This story is for CNBC Pro subscribers only.)

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.