CHICAGO (Nov. 12, 2020) – Following a competitive campaign season conducted during an unprecedented pandemic, it appears that Democrat Joe Biden will become the next president of the United States. While it’s unlikely that a major tax policy overhaul will be at the top of his administration’s agenda, Biden’s campaign proposals provide insight into how individual, corporate, energy, employment, retirement and healthcare taxation could support his non-tax policy agenda. Crowe, a public accounting, consulting and technology firm in the U.S. with offices around the world, spotlights these proposals in the summary below.
“The 2020 election season has been just as surprising as the year itself, but individuals and companies should be proactively thinking about how changes in tax policy may impact their bottom line,” said Gary Fox, managing partner of tax services at Crowe. “We expect a new administration will focus on providing additional pandemic relief and stimulus, however, changes in tax policy could be on the horizon. Even if major tax legislation is unlikely, the executive branch has regulatory tools at its disposal to impact tax policies.”
Below are key aspects of Biden’s campaign tax proposals, which provide a window into tax policy changes that could occur in his administration.
Employment, retirement and healthcare tax
For more information please visit Crowe Election 2020 tax policy coverage.
Crowe LLP is a public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.