As we approach the upcoming presidential election, Brandywine Oak believes it is important to recognize what tax policy would look like if we have a change in the White House and/or the Senate. If Joe Biden wins the election, but the Senate remains Republican, it is unlikely that we will see any major tax changes. However, if both Biden wins and Democrats win the Senate, it is possible that we could see income tax rates rise for top earners, corporate tax rates increase from 21% to 28%, and maybe even the end of step-up cost basis at death.
To learn more about this important topic, please take a moment to read First Trust’s Brian Wesbury’s thoughts: https://www.ftportfolios.com/blogs/EconBlog/2020/8/17/bidens-tax-hike-agenda#.XzrkCrBaeiE.linkedin.
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