With the 2020 elections fast approaching, it’s imperative that every individual and household starts weighing their options. Now, more than ever, it’s time to look at both Donald Trump and Joe Biden’s statements and policies in order to check which one aligns with our own needs and views.
We already know what a Trump presidency looks like, so it’s time to consider the other side of the fence. What would change under Joe Biden? What would remain the same? According to a statement from June 29th, the Democratic party’s candidate is set on “[getting] rid of the bulk of Trump’s $2 trillion tax cut”.
It’s very likely that an era of higher taxation will come under Joe Biden’s presidency, something that residents would want to watch out for, especially after a period of historically low tax rates and exploding national debt. Higher taxes could impact dividend growth, the Stock Market, and could cause the GDP to slow, especially if they affect the corporate level. Some companies might need to switch to more favorable tax environments.
Is there something that you can do in order to prepare for these changes? Those who are nearing retirement have to be especially careful.
But before we get to the steps you should start taking now, let’s look at three of Biden’s proposals so we can all understand exactly what’s happening and whether or not we should start worrying.