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10 November 2016

US Election 2016 and the tax landscape

After the most tumultuous and unpredictable campaign in modern US history, Republican Donald Trump upset Democrat Hillary Clinton to win the Presidency on November 8, 2016, claiming at least 279 electoral votes (270 electoral votes to win) to Clinton's 228, with results in Arizona, Michigan, and New Hampshire still outstanding, according to the Associated Press. The popular vote margin remains close, with Trump currently trailing by approximately 200,000 votes out of a total of almost 120 million votes that have been counted. Clinton's blue wall of support was pierced by Trump with unexpected wins in Pennsylvania and Wisconsin. He also won the needed battleground states of Florida, Ohio, and North Carolina. With fewer losses than expected, Republicans will retain their majorities in the House and Senate.

A Tax Alert prepared by Washington Council Ernst & Young, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1998

Document ID: 2016-1998

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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