October 22, 2020Michael T. Novak

13 Days....

As the 2020 election heats up, we are only 13 days away from voting day.

While we may not know who the next President is on the morning of November 4th, we do know that there could be many changes coming next year. We are hearing more about a possible “blue wave” (the Presidency, House and Senate all are Democrat-controlled after the election). See the chart below for the most likely policy priorities under this, as well as the three other outcomes. It is looking like the “blue wave” will be the most likely outcome – and Trump is not helping his case by what he keeps doing/saying every day!

Back in August, we posted a summary of Biden’s tax proposals. Given the more recent “blue wave” talk in our daily political news, we thought it would be helpful to post an update. Attached is a detailed summary of the changes to both income and estate taxes under Biden’s proposal - Biden-tax-policy-planning.pdf. A few of the major income tax policy highlights are listed below:

Change is constant, and so are taxes. We will continue to be proactive in our tax planning approach, and are standing by to help you prepare for whatever changes may come.

Please make sure you exercise your right and vote.