There may be not less than one Wall Street strategist not on board with the “a president Joe Biden would crush the stock market” narrative that has permeated the digital halls of funding banks in latest months.Some 99 days earlier than the presidential election in November, dare we are saying Bernstein’s Inigo Fraser Jenkins’ new evaluation for shoppers is refreshing? Sure, we will — though it’s wanting saying a president Joe Biden can be superb for stocks in 2021.“One of the big unknowns is to what extent can the Fed provide liquidity and the monetary side of the hybrid monetary-fiscal model of policy support that is emerging. A key part of that is the long-term demand for U.S. dollars from international investors. This is tied to the continuation of the U.S.-led post war order. The evidence suggests that the Trump administration regards that U.S.-led order as unnecessary and troublesome, a second term could potentially deal it a fatal blow. Biden, by contrast, seems intent on returning the U.S. to its place at the helm — or at least in a significant driving role — in the key multilateral organizations such as the UN and NATO among others,” Fraser Jenkins writes as one purpose for buyers to not be completely down on Biden.Nothing mistaken with some type of stability returning to the Oval Workplace and geopolitics, proper? That will not less than, on paper, assist Company America plan their companies higher and articulate these plans to buyers clearer. In flip, that might result in a extra constant stream of earnings and cash movement — each of which buyers may be inclined to pay as much as receive.In the meantime, Fraser Jenkins believes it will be some time earlier than tax will increase from a Biden administration go into impact largely due to the COVID-19 pandemic’s damaging impression on the financial system. So there is no such thing as a purpose for the market to tank on the morning after Election Day.“While the immediate tax outlook after a Biden victory looks more negative for shareholders, actually long term it could well be less damaging,” he says. “Let’s be clear — in the wake of the current crisis taxes are going up globally. It could take more than one election cycle but the direction of travel is clear. Government is going to play a bigger role in markets and economies for a long time.”Democratic presidential candidate former Vice President Joe Biden speaks at a marketing campaign occasion on the Colonial Early Training Program on the Colwyck Coaching Heart, Tuesday, July 21, 2020 in New Fortress, Del. (AP Picture/Andrew Harnik)MoreAll of that isn’t to say the tax subject with Biden isn’t a serious long term concern for buyers to ponder.Biden has proposed reversing half of the president’s signature tax cuts, lifting the statutory price to 28%. Funding bank Credit score Suisse estimates this modification in taxes would improve the efficient price by 4% to five%, and slash $9 off estimated S&P 500 earnings per share. Goldman Sachs has projected that Biden’s tax plan would lead it to scale back its 2021 earnings estimate by 12%.Given Biden’s latest proposals round infrastructure and social-safety nets — that are leaning extra radical left —there may be concern available in the market about taxes going again to Obama-era ranges beneath a president “Joe from Scranton.” That will put the stock market at extreme threat of a serious correction, strategists argue.It [the Biden plan] signifies that stocks — all issues being equal — can be decrease by 25% than they’re right this moment. It may not work that means. That’s not less than the idea,” defined SMH Group CEO George Ball on Yahoo Finance’s The First Commerce.Even Fraser Jenkins isn’t a Biden bull, maybe he’s a realist.“This is not to say that in the near-term a Biden victory would be relatively better for markets, that is not the case,” Fraser Jenkins says. “But for long horizon asset owners there may be a bigger prize.”Brian Sozzi is an editor-at-large and co-anchor of The First Commerce at Yahoo Finance. Comply with Sozzi on Twitter @BrianSozzi and on LinkedIn.