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Election 2020: Tax Policy Proposals

  • by CWA
  • •    October 12, 2020
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Comparing the 2020 presidential tax plans.

The upcoming presidential election will be pivotal for the future of tax policy, as parts of Trump’s Tax Cuts and Jobs Act (TCJA) face expiration and the economic recovery from COVID-19 becomes one of the defining issues of the next term.

President Donald Trump is running on his economic record, crediting the strong, pre-COVID economy to the TCJA. This plan lowered the tax burden for many businesses, whether structured as corporations or passthrough entities, as well as for individuals, trusts and estates. His administration has even teased a “Tax Cuts 2.0” package to continue what he started.

Democratic nominee Joe Biden has his own economic plan, one that includes a robust tax reform platform. His tax plan is based on the premise that the federal income tax system needs to be retooled to ensure that corporations and high-net-worth individuals are paying “their fair share.” He also has proposed increasing top income tax rates, along with eliminating or limiting various incentives currently available to these high-income taxpayers.

The following table outlines the tax policy proposals and positions on key tax questions for both the incumbent and the democratic candidate.

ACCESS THE TAX POLICY COMPARISON

It is impossible to know right now who will be setting the tax policy agenda when the next presidential administration begins in 2021. But it is worth remembering that no matter who is in office come November, getting tax code changes enacted into law requires willingness from both congressional leadership and the White House.

Cain Watters is a Registered Investment Advisor.  Cain Watters only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.  Request Form ADV Part 2A for a complete description of Cain Watters investment advisory services. Diversification does not ensure a profit and may not protect against loss in declining markets.  Past performance is not an indicator of future results. 

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