What Trump and Biden tax policies could mean for your paycheck, tax return, investments and retirement savings.
The person elected president of the United States in November 2020 will be tasked with managing the nation’s most significant economic recovery since the Great Depression.
Certified Public Account, David Kobylar compares the economic policies of President Trump and Democratic presidential nominee, Joe Biden.
Ordinary Income Tax Rates
Itemized Deductions & Credits
Capital Gains & Qualified Dividends
Payroll Tax
Corporate/Business Tax
Estate & Gift Tax
Trump – Miscellaneous
Biden – Miscellaneous
Biden Retirement Tax Credit
President Trump’s tax policy is primarily based on preserving the TCJA and making expiring features of it permanent. At the time this presentation was created, he did not have an official tax policy proposal and has been vague on details of his tax policy.
Former Vice President Biden’s tax policy is centered on shifting the tax burden to individuals earning over $400,000 and corporations. Although few details are available, he will attempt to do this mainly by raising tax rates and eliminating certain tax incentives.
Former Vice President Biden’s tax policy is centered on shifting the tax burden to individuals earning over $400,000 and corporations. Although few details are available, he will attempt to do this mainly by raising tax rates and eliminating certain tax incentives.
It is important to remember that although both candidates have different tax policies, Congress originates new tax policy so the election of the President, as well as members of Congress will dictate what direction future tax policy takes.
David Kobylar, CPA, CDFA® has over 30 years of experience in tax, accounting and financial services with an expertise in the financial and tax issues of divorce. He is one of the only area professionals to hold both the CPA and CDFA® credentials. David is the owner of the tax and accounting firm of David Kobylar, CPA in Clifton Park, NY.