Amid claims that Democrat Joe Biden would institute lockdowns and raise taxes if he wins the White House, the stock market has fallen steeply since Monday and was down more than 900 points on Wednesday.

With millions of mail-in votes not slated to be counted until after polls close the night of Nov. 3, it could be days before the election is decided, which is adding to investor angst.

Biden has promised to do what it takes to help bring the coronavirus pandemic under control, which could include a national mask mandate and closing down parts of the economy. If that happens, there could be a repeat of the market nose-dive that took place earlier this year when vast swaths of the economy slowed or were shut down.

Fears of this happening again under Biden's guidance are fueling Wall Street's fear index, which is at its highest point since June.

Trump campaign director Tim Murtaugh said this week that Biden is "the candidate of lockdowns" who said the U.S. is "facing a dark winter."

"That is not an optimistic message," Murtaugh said.

During a rally earlier this month, President Donald Trump said Biden would "listen to the scientists. If I listened totally to the scientists, we would right now have a country that would be in a massive depression — instead, we're like a rocket ship. Take a look at the numbers."

Biden has vowed to raise the personal income tax rate on people making more than $400,000 annually and would hike the corporate tax rate from 21% to 28%. Trump's tax cuts in 2017 instituted the flat rate from a tiered rate of between 15% and 35%.

The Hill reported this week that businesses large and small and wealthy individuals are bracing for higher taxes if Biden wins.

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