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August 18, 2020

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.