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STORY: With a neck and neck presidential election two months away, money managers like Summit Place Advisors President and Founder Liz Miller expect more turbulence for stocks.

“Well, from now, early September, through the election, I won't be surprised if we continue to see volatility. We know that October is often a worrisome month, and this year just will add to that because we're going right into the final days of the election. This election continues to look like it's a very close election. And so that just adds to Wall Street uncertainty.”

As far as what happens after that, tax policy has emerged as a key focus.

Trump: "A reduction in the corporate tax rate from 21% to 15% solely for companies that make their product in America."

That’s one part of Republican Candidate Donald Trump’s plan which Infrastructure Capital Advisors CEO Jay Hatfield likes.

“Well, Trump could be better for the economy for really two reasons. First, tax policy. He's trying to cut corporate taxes, which is very positive for earnings and stocks. He's not going to increase the capital gains tax, and he's likely to deregulate a lot of industries, so like energy and banking. So, at the margin, he would be positive for stocks.”

Harris: “We will pass a middle-class tax cut that will benefit more than 100 million Americans."

Harris wants to give the middle class a break while raising corporate taxes.

Goldman Sachs analysts said in a note that her plan would cut earnings at S&P 500 companies by 5% while Trump’s proposal would boost them about 4%.

Though the bank said the economy would fare better overall if Harris won as new government spending would offset the impact of higher corporate taxes.

The Democratic presidential candidate also has proposed raising the capital gains tax.

Morgan Stanley said in note that the correlation between capital gains taxes and stock market performance is statistically insignificant, but the tax debate could lead to some volatility.

Regardless of what the candidates propose on taxes, the winner will face a major decision because of the expiration next year of tax cuts signed into law by former President Trump.

“The 2017 Tax Cuts and Jobs Act expires at the end of 2025. And this is part of the reason both candidates are talking a lot about taxes. Congress is going to have to decide what to do, whether to change that act or renew it, and it sort of doesn't matter as much what the presidential candidates say, as much as what Congress decides.”

And who controls Congress will play a significant role in how this plays out and potentially how the market does overall.

“What's really most important for a positive outcome is to have Congress different than the president. So, if we have a Republican president and we have a Democratic Congress, Wall Street has traditionally done very well. Likewise, with a Democratic president and a Republican Congress, markets have done very well. When a single party dominates both Congress and the president, the markets have not done well historically.”

Right now, the battle for control of Congress is as tight as the race for the White House.