Changing course: Tax policy implications of a Joe Biden presidency - Join our webcast on 10 November - Tax and Legal blog

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Election Day came and went in the US the week of 2 November 2020. Since Saturday 7 November 2020 it conclusively appears that Joe Biden has won the presidential elections in the United States.

Tax policy implications

The key tax policy issue that was implicitly on the ballot in the presidential race was the fate of President Trump’s signature 2017 tax code overhaul—known informally as the Tax Cuts and Jobs Act (TCJA, P.L. 115-97)—which, among other things, lowered the tax burden for many businesses, whether structured as corporations or passthrough entities, as well as for individuals, trusts, and estates. For budgetary and procedural reasons, the individual and passthrough provisions generally are scheduled to expire at the end of 2025, with certain other business tax changes phasing in or out even sooner.

The two candidates had laid out starkly different positions. Joe Biden the new President Elect campaigned on the premise that TCJA’s benefits are skewed to large corporations and more affluent individuals and he offered tax policy proposals aimed at addressing that perceived imbalance. Donald Trump, on the other hand, argued that TCJA’s temporary tax cuts were necessary to fuel economic growth and should be made permanent—and, in some cases, even expanded—to further boost the economy and provide additional certainty to taxpayers.

The outcome of the 2020 presidential contest will shape the overall direction of tax policy in the coming four years. But it is important to note that, generally, tax policy originates in Congress, not the White House, so any new tax laws enacted in a Biden administration will necessarily also carry the imprimatur of the legislative branch with its many competing interests and priorities. The final determination of party control in the House and Senate will give us a complete picture of who will likely be the key decision makers on tax policy in the next Congress, both at the leadership level and on the two congressional taxwriting committees, and this, in turn, will have a significant impact on the ability of the next administration to advance its tax agenda.

Detailed analysis

Deloitte Tax LLP will discuss in detail the outcome of the election results and their potential implications for tax policy during a webcast. You can register for the webcast via the link below:

Changing course: Tax policy implications of a Joe Biden presidency

Tuesday, 5.00pm CET | 1 hr

Participants will gain insights into the president-elect’s vision for tax policy and discover the potential impact of his proposals on businesses and individuals.

 

If you would like to discuss more on this topic, please do reach out to our key contacts below.

Key contacts

Martin Krivinskas_picture new_110x110

Martin Krivinskas -  Partner, International Tax 

Martin is an international tax partner with 20 years experience working on international tax matters. He has worked extensively with global multinationals, with a particular focus on helping international group’s mitigate tax risk and manage their effective tax rates. Martin has significant experience of supporting clients with a wide range of transfer pricing and international tax matters and is part of Deloitte` s Global Value Chain Alignment leadership team. Martin`s clients are predominantly in the life sciences, industrial products and consumer products industries.

Martin is a Chartered Accountant and a member of the Chartered Institute of Taxation

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Jacques Kistler

Jacques Kistler - Partner, International Tax

Jacques is the Lead Partner of our Corporate Tax service line in the French Speaking part of Switzerland, covering international tax and M&A. He has been a full time International Corporate Tax specialist for over 23 years.

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Jackie Hess - Managing Partner, Deloitte Private

Jackie is the Managing Partner for Deloitte Private and a member of the Executive team of Deloitte Switzerland. She leads multi-disciplinary teams working together with our clients in the areas of private equity, privately and family-owned businesses, family offices and high-net-worth individuals as well as high-growth enterprises.  

Jackie has extensive experience in international tax with a strong focus on the life sciences industry. She advises both private and listed companies together with our multi-disciplinary teams on a holistic basis to help find responsible and sustainable solutions to their challenges confronted in a rapidly changing environment. This support also extends to boards and shareholders.

Jackie is a Swiss certified tax expert and a TEP with over 25 years of experience in professional services in Switzerland.

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Rene Zulauf

René Zulauf - Partner, International Tax

René has 20 years of experience in the field of international tax structuring, financial services tax and Mergers & Acquisitions. He specializes in cross-border tax planning and has assisted numerous multinationals in particular in the establishment of Swiss finance and IP structures, as well as in the structuring of Swiss trading and principal/headquarter operations.

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Blog_Daniel stutzmann110x110

Daniel Stutzmann Hausmann - Partner, International Tax

Daniel is a Tax Partner with more than 15 years of experience as an international corporate tax specialist. This includes a one year assignment in the US to lead the Swiss ICE Desk. Daniel has extensive experience in the area of cross-border structuring (like establishing tax efficient IP- and financing structures) as well as business reorganizations including large supply chain transformation projects. This also includes advising several multinationals in moving their worldwide/regional headquarters or central functions to Switzerland, while often establishing tax privileged Swiss principal companies. In his capacity as Swiss tax expert he has worked on a significant number of value chain alignment (“VCA”) projects, cross border restructuring and headquarter relocations.

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