Wall Street has wrestled with the potential effects of President Joe Biden’s $1.9 trillion fiscal stimulus. Soon it will be sizing up his tax plan, with likely proposals for higher corporate taxes as well as increased income and capital-gains taxes on high earners.

Investors don’t seem fazed. Both the S&P 500 index and the Dow Jones Industrial Average were up about 1.5% this past week and hit new highs on Friday after a late-day surge.

Many…



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