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ERROR: type should be string, got "https://www.barrons.com/articles/20-stocks-election-2017-tax-cuts-biden-trump-51591985877\nBiden Has Proposed Reducing Tax Cuts. These 20 Stocks Would be Vulnerable.\nReshma Kapadia\nUpdated June 15, 2020 / Original June 13, 2020\nUnion Pacific is among the companies that could suffer from an increase in corporate tax rates.\nWhitney Curtis/Bloomberg\nAs the U.S. election nears, strategists expect volatility as investors try to game out what the results could mean for their portfolios and for tax policy, including the possibility that cuts in corporate rates could be rolled back.\nIn a note to clients this month, Goldman Sachs strategist Dave Kostin said every percentage-point change in the effective corporate tax rate should shave 1.2%, or $2 a share, off aggregate earnings for the companies in the S&P 500.\nFormer Vice President Joe Biden, the presumptive Democratic nominee, has proposed reducing cuts put in place by the Trump administration, possibly raising the statutory federal rate on domestic corporate income from 21% to 28%, according to the Tax Foundation. It had been 35% before the Tax Cuts and JOBS Act of 2017.\nGoldman estimates that scenario would cut 2021 S&P 500 earnings by 12%, to $150 a share.\nPolls and prediction markets show at least a 50-50 chance that Democrats sweep Congress and take the White House, so markets may soon start to focus on what a Democratic administration might look like. Key points will include how Democrats would respond to the pressure to heal the economy post-pandemic and what they would do to address economic inequality.\nMarkets may care more about the makeup of the Senate than who is in the Oval Office.\n“The big criticism of government stimulus in 2008-09 was that it directly stabilized financial markets and didn’t prevent home foreclosures that affected ordinary people,” said Nicholas Colas, co-founder of DataTrek Research. “This time, especially if Democrats take over the Senate and presidency, we could see a different balance.”\nMore moderate steps could include rolling back the corporate tax cut, though not completely. While that might not create a major market shake-up, it could cause a retreat, Colas said.\nGoldman said that when the 2017 tax cut passed, a basket of high-tax stocks outperformed a group of low-tax stocks by 9 percentage points over two months. They beat the S&P 500 by 5.8 percentage points as expectations for their earnings increased.\nNow, those companies could be vulnerable if the tax cut is rolled back. Barron’s took a look at which ones might be at risk, starting with Goldman’s list of 37 S&P 500 companies that outperformed after the cut and recorded the biggest changes in effective tax rates.\nWe then screened further to find those that logged double-digit stock gains over the last three years and were trading above their three-year average price/earnings ratios. Twenty stocks made the cut.\n20 companies that were among the biggest beneficiaries of the 2017 tax cut.\n*Data as of June 7, 2020.\nSources: Goldman Sachs; FactSet\nAs a reminder, screens are only a starting point for further analysis. The beneficiaries of the tax cuts were broad-based, including financial firms such as CME Group (CME) and Visa (V); technology companies like Salesforce.com (CRM) and Netflix (NFLX); railroad operators like Union Pacific (UNP) and health care companies such as Idexx Laboratories (IDXX) and HCA Healthcare (HCA).\nWrite to Reshma Kapadia at reshma.kapadia@barrons.com\nAs the U."