With both major political party conventions behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms.
Do you know where the candidates stand on major business tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s important to watch their statements and websites closely. Here’s a quick summary of their positions on business-related tax matters to help you make an informed decision in November.
The candidates’ current positions on business tax matters are sketchy at best. Over the next few weeks, their goals and strategies may become more detailed, especially if the scheduled debates happen. It’s also important to remember that the president doesn’t make legislation. Any post-election federal tax law changes would first have to pass in the House and Senate, before going to the president to sign into law — or veto.
Stay tuned for more information about the candidates’ federal tax positions. Your tax advisor can help you and your business implement tax planning strategies based on the latest developments in the run-up to the 2020 national election.
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