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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.

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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)

Background

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.  

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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