Why Trump and Harris must reckon with expiring tax cuts

On the eve of the first presidential debate between Vice President Kamala Harris and former President Donald Trump, voters wait to see the two face-off. Some look for the presidential hopefuls to elaborate on policy plans, while others might tune-in for the drama and zingers; here at Yahoo Finance, we’re watching all things economics and markets. To bridge the gap between markets and the election, Evercore chairman emeritus Ralph Schlosstein joined Opening Bid, speaking with with Yahoo Finance's Julie Hyman, in for Brian Sozzi. As an avid democrat donor and a notable figure in investment banking for decades, Schlosstein explained that if Harris wins in the rapidly approaching November election, “there’s going to have to be a major discussion about taxes because all of Trump tax cuts expire in 2025.” He added, he thinks a Harris administration would have a modest effect on the markets, while the risk of market volatility is higher under another Trump administration. Yahoo Finance's Opening Bid, brings you a high-octane take on the freshest analyst calls, wildest stock moves and shrewdest commentary in the business world. Executive Editor Brian Sozzi puts Wall Street's finest through their paces in this essential conversation for every investor - before the stock market opens. Find this episode's transcripts and more episodes of Opening Bid at https://finance.yahoo.com/videos/series/opening-bid/. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. 00:00-Ralph Schlosstein joins Opening Bid 03:00-Looking at Fed rate cuts 06:00-Uncertainty is the enemy of M&A 13:45-Corporate tax rates must still be competitive, globally 22:30-What it's like being husband to US Ambassador to the UK, Jane Hartley Yahoo Finance's Opening Bid is hosted by Brian Sozzi, and produced by Rachael Lewis-Krisky. Ralph Schlosstein has been a notable figure in the field of investment banking for more than four decades. He is chairman emeritus of Evercore, a leading global independent investment bank in New York City. Learn more about your ad choices. Visit megaphone.fm/adchoices