November 3, 2020 means a lot to all Americans, but this election may have especially significant impact on business owners. This blog is not intended to make political or social commentary, rather, it is a discourse on likely tax changes.

There are four possible outcomes, assuming the House stays Democratic (which seems imminent). Here’s what could happen:

1.     President Trump is re-elected, the GOP retains the Senate.

2.     President Trump is re-elected, the Democrats take the Senate.

3.     Joe Biden is elected; the GOP retains the Senate.

4.     Joe Biden is elected; the Democrats take the Senate.

Under the first scenario, things will likely remain largely the same, but we’ll still face the onerous task of paying for the massive deficits created by Congress’ fiscal response to COVID-19. Scenario 2 allows President Trump to veto any legislation for a revenue bill, barring a supermajority. Again, the deficit will eventually need to be addressed. Scenario 3 would give the new President the power of the executive order and presents the possibility of compromise (also possible in scenario 2).

In scenario 4: The Democrats will wield control of the House, Senate and Oval office. In this scenario, the new President and Congress could radically change the tax laws. Candidate Biden has announced his tax plan, which includes the following (amongst many other) changes and spending initiatives...

Click here to read the full blog post on Forbes.com.

 

View Leon LaBrecque's Forbes contributor profile and other blog posts here: https://www.forbes.com/sites/leonlabrecque/

For Important Disclosure Information click here: https://www.sequoia-financial.com/disclaimer

Image is Getty from original post on Forbes.com.

The views expressed represent the opinion of Sequoia Financial Group. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While Sequoia believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and Sequoia’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Past performance is not an indication of future results. Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.

Sequoia Financial

Talk to an Advisor

We would love to chat with you about how Sequoia can help you achieve your financial goals.

LOCATIONS
  • Akron, OH - Headquarters
  • Tampa, FL
  • St. Clair Shores, MI
  • Troy, MI
  • Beachwood, OH
  • Cleveland, OH
  • Columbus, OH
  • Mayfield Heights, OH
  • Hilton Head, SC

© 2022 Sequoia Financial Advisors, LLC

Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.

Forbes.com - How Biden’s Tax Plan Might Increase Taxes On Business Owners By 60% Or More | Sequoia Financial Group

Error

The website encountered an unexpected error. Please try again later.