Public or private market? My tendency to think that public equities will have a down draft over fear of tax increases and then rally on infrastructure spending and continued quantitative easing going from $7.4 T to $8.8T. https://www.bloomberg.com/opinion/articles[redacted]infinite-qe-says-shares-and-maybe-bitcoin-will-keep-going-up-in-2021
But, I think trying to guess/time markets is a fool's errand, I would read what anyone says as informed speculation.

However, looking at proposed legislation and spending (like tax hikes in NYC, increases in minimum wage, infrastructure spending, can have very specific effects on businesses like financial services, hospitality, and construction.

I am generally inclined to believe public valuations will increase, but at a slower pace than the previous administration, pre-covid. A caveat being: how will the DNC deal with big tech. If the pressure increases to break up Facebook, Amazon, and company, the ripple effect will deflate valuations. In regards to an uptick in taxes, I feel this is baked into current valuations. Once and if the tax increases are implemented, there will be a blip but nothing material.

Private valuations go hand in hand with the rollout of the vaccine, and less so with the conceivable hike in taxes. Something like ~1,000 SMBs are going out of business daily. Many businesses who have had historically tight margins, who would be impacted most by increased taxes, have gone out of business or are soon to.