Tax News Update    Email this document    Print this document  

August 18, 2020
2020-2081

Post-2020 tax policy possibilities: A Biden presidency and Democratic Senate could bring change to the course of tax policy

The 2020 presidential election season has been anything but typical, with the unprecedented circumstances of the coronavirus pandemic and a focus on racial injustice. Mainstay election issues of the economy and healthcare are viewed through the lens of crisis. A new publication by Washington Council Ernst & Young LLP, “Post-2020 tax policy possibilities,” provides key insights into what might lie ahead. It includes highlights of presumptive Democratic presidential nominee Joe Biden’s tax proposals for businesses and individuals, as well as a high-level overview of broader Democratic tax policy priorities that might be pursued under a Biden presidency and a Democrat-controlled Congress. Revenue estimates and analyses are included, and proposals are discussed in the contexts of the current pandemic and expected economic conditions in 2021. Procedural considerations, such as the budget reconciliation process, are also discussed. 

 

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.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement