The Election Effect: Part 2 of 3 – Tax Plans of the Presidential CandidatesOctober 7, 2020
With the presidential election only 27 days away, our team at Acumen has been researching a variety of topics relating to the potential impacts of the election and we are sharing this information with you in a three-part series called “The Election Effect.” In today’s second installment, we explore the tax plans of the presidential candidates. We hope you find this information interesting and welcome your thoughts on the series.
The Election Effect: Part 2 of 3
Tax Plans of the Presidential Candidates
The November election is drawing closer and with all of the news coverage surrounding this event, the tax plan of each candidate seems to have been put on the back burner by political pundits and voters alike despite tax reform being one of the most influential and pivotal platforms. Any change in tax policy has the potential to create immediate, mid-term, or long-term effects on fiscal policy, the economy, and the markets. The Tax Cuts and Jobs Act of 2017 (TCJA) was the most sweeping reform to the tax code made in the past 30 years but is scheduled to expire after 2025 and revert back to pre-2017 policies unless the changes are made permanent. Although the specific details and policies regarding the candidates’ respective tax plans change, there are broad concepts and motives that differentiate the candidates. The Republican candidate, Donald Trump, aims to make the TCJA changes permanent while the Democratic candidate, Joseph Biden, would most likely advocate for an increase in taxes for high income individuals and corporations. What we believe is, no matter the result of the election, tax policy will remain the same for 2020. If there is a change in control, we believe there may be a short window to implement certain strategies. For this reason, Acumen is ensuring we have a plan in place to execute quickly, if needed. Please keep in mind everyone’s tax situation differs, and the possible strategies outlined below are general strategies and should not be considered as an individualized recommendation or investment advice.
Although the result of the November and the Congressional elections will ultimately dictate what changes to tax laws will be made, Acumen Wealth Advisors’ Financial Planners are diligently keeping track of the proposed changes as well as formulating strategies to mitigate increased tax liability which may be produced as a result. Please feel free to reach out with any questions.
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