US 2020 Presidential Election: Trump and Biden tax proposals

Trump and Biden tax proposals

Peter Oliver, Landon McGrew, Michael Plowgian and Angela Norton provide detail on the tax policies of the two US presidential candidates.

Peter Oliver

Partner, Corporate Tax

KPMG Australia

The Whitehouse

Voters in the United States (US) will elect their next president on Tuesday 3 November, US local time.

In addition, all seats in the US House of Representatives, and approximately a third of the seats in the US Senate, will be in play, thus determining whether there will continue to be divided government at the federal level or whether one party will control the White House and both chambers of Congress in 2021.

This outcome of the presidential and congressional elections could have sweeping implications for a host of policy issues, including federal tax.

The candidates’ proposed tax policy

Although Donald Trump and Joe Biden have mentioned some tax issues at a high level during the campaign, neither campaign has released a formal, detailed, and comprehensive tax plan. This is not surprising for a presidential campaign.

Given that Trump’s accomplishments during his first term include enactment of the massive so-called “Tax Cuts and Jobs Act” (‘TCJA’) of 2017, he might be expected to support preserving, if not expanding on, some of its major taxpayer-favourable provisions. His administration also has signalled some other possible tax priorities.

Biden has incorporated numerous tax proposals into proposed initiatives on over 40 policy topics, including for example, infrastructure, clean energy, domestic manufacturing, and health care. Biden also has mentioned a variety of tax issues on the campaign trail.

Notwithstanding the lack of formal tax plans and technical details, some of the key differences between the candidates’ likely tax plans appear to include those outlined in this article. 

To continue reading this article, please visit KPMG Tax Now.

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