Many US businesses have broadly supported the specific business-related policies of the Trump administration, such as bringing corporate tax rates more in line with global competitors the Jobs Act and moves to remove regulatory burden from business.
Joe Biden’s manifesto promised many tax raising initiatives on business to help level the playing field with the average US taxpayer. But plans to raise the corporate tax rate to 28 percent and an increase in Capital Gains Tax to 39.6 percent to eradicate what could be unfair advantages for big businesses could be harder to get through a gridlocked Senate.
With the pandemic still having an impact on the global economy, US businesses will want a period of calm as they look to recovery. In order to get back to growth they will be looking to the President to address key issues such as immigration, visas and air corridors, which are currently hampering their ability to recruit talent. Exactly what the new President will or can do with regards to business related policy changes will depend on the eventual shape the Senate takes – which is still very much in the hands of the voters.
For more insights, watch our Perspectives on the US Election digital event, which is now available on-demand.