KPMG report: Biden’s tax proposals (FAQs, updated September 18)
Biden’s tax proposals (FAQs, updated September 18)
KPMG LLP today updated a report that provides—in a “frequently asked question” (FAQ) format—a high-level overview of Democratic presidential nominee Joe Biden’s proposed federal tax agenda.
The KPMG report (initially issued August 4, 2020, and updated twice since then as details have emerged) includes the following new or updated information (this information appears with a clearly marked notation “updated September 18, 2020”):
- FAQ 1 and Exhibit B are updated to reflect a temporary expansion of the child credit.
Read the KPMG report of Biden’s tax proposals [PDF 1.9 MB] (last updated September 18, 2020)
In November 2020, voters in the United States will elect their next president.
In addition, all seats in the U.S. House of Representatives, as well as about a third of the seats in the U.S. Senate, will be in play. Thus, the elections will determine whether one party will control the White House as well as both chambers of Congress beginning in early 2021 or whether there will continue to be “divided government” at the federal level.
- The Republican presidential nominee is the current president, Donald J. Trump. President Trump’s federal tax agenda is generally well known, with his accomplishments including the 2017 major tax legislation commonly called the “Tax Cuts and Jobs Act” (TCJA).
- The Democratic presidential nominee is the former vice president in the Obama Administration, Joe Biden. Democratic nominee Joe Biden’s federal tax agenda is still emerging.
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