The Politics of Election-Year Financial Planning
Planning for the next presidential administration is driving the financial advisory industry to hyperbolic extremes right now. Most discussions center on the impact of an immediate rescission of the 2017 Tax Cuts and Jobs Act (TCJA) effective retroactively on Jan. 1, 2021. While it is true that the Biden campaign platform clearly includes rolling back much of the TCJA, Joe Biden also promises not to raise income taxes on the middle class. These competing promises support a more nuanced tax bill than a complete rescission, which has little support among key Democratic congressional members anyway.
- SEE MORE Election 2020: Joe Biden's Tax Plans
My purpose here is to outline the competing campaign promises in this very close presidential race and proffer a thesis that your urgency for end-of-year tax planning (before it is too late) must balance the currently inconsistent recoveries affecting Wall Street and Main Street, the actual proposals of the two candidates,
