President Trump has not issued a formal proposal for a second term. He supports continuing his tax reduction programs, which are current law, low tax rates and continued regulatory review and reduction.
Biden is proposing:
- Raising tax rates and taxes on the “Rich” (over $400,000 income).
- Raising Capital Gains Tax
- Increasing Estates subject to Estate Taxes by lowering the Estate Tax Exemption.
- Corporate tax rate would increase to 28%, current tax rate is 22%.
Missing from both candidates are proposals to reign in budgetary and Corona Virus spending and regain control over the federal debt increases. Spending related to the Corona Virus is over $3 trillion already with proposals for $1 to $3 trillion for the next relief package.
Given the size of the National Budget Deficit we are planning to take advantage of the current lower tax environment before taxes are increased. Contact us to discuss.