With the presidential election only weeks away, many of our clients have asked us for a comparison of the candidates’ tax proposals. While we’ve reviewed them individually, we also wanted to provide a straightforward, side-by-side comparison of their proposed tax plans for both individuals and businesses.
Below is a chart outlining the differences between Joe Biden and Donald Trump’s proposed tax plans as of now:
Trump | Biden | |
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Individual Rates |
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Corporate Rate |
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Capital Gains |
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Tax Cuts for Businesses |
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Tax Increases for Businesses |
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Tax Cuts for Individuals |
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Estate Tax |
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Energy |
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The above table was originally posted by John Schwartze, principal with Brown Smith Wallace, an independent firm associated with the Moore Global Limited Network.
Joe Biden’s proposed tax policy is aimed at adjusting provision within the TCJA. What this means specifically is a work in progress and will continue to be crafted after November 3, if he is elected.
Donald Trump will continue to promote the TCJA. If elected to a second term, he may try to extend the TCJA cuts permanently. He may also try to expand the TCJA and further reduce tax rates for individuals and businesses.
Regardless, we know that neither plan will move forward without congressional approval. If the executive and congressional branches are led by different parties, more political jockeying will be required to execute either candidate’s tax policy. Only time will tell, and we hope we’ll know which direction we’re headed on November 3.
More details regarding these tax plans may be revealed during interviews, ads and town halls in the coming weeks. If you have any questions in the interim — or post-election — do not hesitate to reach out to your local Armanino tax advisor.