With so much election news in the air, small business owners are focused on something other than the coronavirus for a change: tax plans. President Donald Trump’s and former Vice President Joe Biden’s proposed tax policies both have the potential to change the playing field for small business owners. With so much riding on the presidential election, it’s important to understand how these two plans differ and how they will impact business growth in 2021 and beyond.
These tax plans show just how many opposing economic and fiscal ideologies President Trump and former Vice President Biden hold. But they have at least one thing in common: Whoever secures the presidency will be tasked with putting these plans through the rigorous legislative process. And with Senate seats also up for election, we cannot predict the outcome of that process, or what sacrifices and compromises will be needed to get the job done.
If you would like to discuss how your business can prepare for either scenario, contact your CRI advisor today.