At first blush, it would appear weird to see the S&P 500 hovering at record highs even as the index's component companies stare down the barrel of a tax hike from the Biden administration to help pay for a massive $2.3 trillion infrastructure package. Think a little more on the topic, however, and it actually all makes perfect sense, contends J.P. Morgan. "While the possibility that corporate taxes are raised at a global level would be negative news for the corporate sector, we see three cushions.