PRESIDENT DONALD TRUMP
Business and Individual Tax Plan Highlights
As early voting begins and with just a few weeks left, 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 and/or individual tax issues? In some cases, the candidates’ plans contrast with their parties’ platforms, so it’s important to watch their statements and websites closely. Below are quick summaries of each candidate’s position on business and individual-related tax matters to help you make an informed decision in November.
**Information below is subject to change, please speak with professional for specific guidance and/or advice
[Source: Thompson Reuters 2020]
What Should I Do?
No matter who wins the presidency, your tax advisor can help you implement planning strategies to keep your tax bill as low as possible. Many of the proposed plans may be implemented quickly so we recommend a ‘Year-End’ session with your KSDT Tax Professional to walk through all of the areas that may impact your business and/or individual tax liabilities.