What a year 2020 has been?  We have had COVID-19, wildfires here in Oregon, a full moon coming on Halloween, and to top it off a Presidential election.  Yes, it is that time again where we, as US citizens, have the opportunity to go to the polls and vote for the candidates of our choice.  What a great honor it is to have the freedom to vote.

One major consideration, when deciding on which candidate to vote for, is the candidate’s proposed tax policies.  We here at Isler don’t take sides when it come to who to vote for, however, we do feel it is important for clients and the general public to be informed of each candidate’s tax policies.  In order to provide this information, below are two links.

The first link is to a PDF document that summaries Joe Biden’s proposed tax policies and compares them to the current tax law.  This is a quick one page summary.  The second link is to an article that dives deeper in the Joe Biden’s proposed tax policies and compares them to current tax policy.

Due to the fact that President Trump is currently in office and that the current tax policies were enacted during his time in office, he has not proposed any substantive additional tax policies.

As a reminder, these are only proposed tax policies and things are fluid.  If you have questions about how the proposed tax policies may affect your individual or business tax situation please give us a call to discuss.

Source: RSM US LLP.
Used with permission as a member of RSM US Alliance
Biden Tax Plan Overview

Source: RSM US LLP.
Used with permission as a member of RSM US Alliance
Biden Proposes Tax Increases, But Status Quo Also Unlikely Under Trump

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information.  RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein.  This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations.  This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.