Worried about what impact President Joe Biden's tax increase plan might have on corporate profits? Even professional forecasters can't agree.

Of the 15 strategists who provided earnings forecasts for S & P 500 companies in 2022, only 1/3 took into account the impact of tax increases, according to the latest survey. Nearly half of the respondents said their figures did not assume any tax increases, and two did not say which camp they belonged to.

For investors, it all boils down to one question: has the risk been digested by the market? If not, these sky-high valuations may seem even more unreasonable. The S & P 500 trades at 21 times 12-month forward earnings, just two times below its highest level since 2000.