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KPMG report: Trump campaign’s tax proposals (FAQs)

KPMG report: Trump campaign’s tax proposals (FAQs)

KPMG LLP today is releasing a report that provides—in a “frequently asked question” (FAQ) format—a high-level overview of the federal tax agenda of Republican presidential nominee Donald Trump’s campaign.

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This KPMG report is based on information and statements from the Trump campaign. It does not address a recent report from The New York Times about President Trump’s personal tax situation.

Read the KPMG report of the Trump campaign’s tax proposals [PDF 376 KB]

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. Read the KPMG report of Biden’s tax proposals [PDF 1.9 MB] (last updated September 18, 2020)

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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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