2. Another major concern is getting the results post-election in a timely fashion. Lieber suggested that counting the votes and certifying the results could delay the final result by about a week.
Lieber also believes that suggestions that the election may be postponed or that President Trump would refuse to leave the White House are “red herrings” and not realistic scenarios. Nevertheless, he believes that accusations of vote fraud, foreign influence, and other factors such as voter suppression will undermine confidence in the legitimacy of the next President.
Finally, with respect to the Biden tax plan, Lieber suggested that it serves two functions: demonstrating credibility on fiscal issues and addressing income inequality in the US. However, he also pointed out that higher taxes would be phased in over time and corporate taxes would be increased by one percentage point a year until 2025 or 2026. Jason Furman had suggested that only half of the $4 trillion Biden tax plan would actually be implemented and made into law.
While we don’t know what will happen in November, change is constant. Proactive planning for both income and estate taxes is another constant for us, and we will be specifically addressing this for your overall plan given what could happen.