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Election update: Tax implications of a Joe Biden presidency

Part of the Tax News & Views podcast series

Most major news organizations have declared that former Vice President Joe Biden will emerge with at least 270 electoral votes and will become our next president. With that in mind, it’s time for taxpayers to begin to consider the potential tax impacts of Joe Biden’s tax agenda.

Tax podcast: Tax implications of a Joe Biden presidency

While we await the outcome of final vote counts, possible recounts, and court challenges, most major news organizations have declared that former Vice President Joe Biden will emerge with at least 270 electoral votes and will become the President of the United States. With that in mind, it’s time for taxpayers to begin to consider the potential tax impacts of Joe Biden’s tax agenda.

In this episode, Jon Traub, managing principal and leader of Deloitte’s Tax Policy Group, and Shahira Knight, deputy managing principal in Deloitte Policy & Government Relations group, discuss Biden’s tax policy proposals, how they compare to current law, and how economic and political factors may influence what he can get enacted in the near term.

We also discuss what additional actions Congress might take before the end of the calendar year, including potential additional COVID-19 and economic relief packages, and extension of temporary tax provisions.

You can also learn more by reading Deloitte’s article, A change in course: Tax policy implications of a Joe Biden presidency.

I think that we’ll be watching in the short term for what happens on extenders if they get a deal done there as part of a COVID relief wrap-up package to close out 2020, and then look for signals early on from the administration and what they’ll prioritize next year. I would also be watching closely the outcome of the four uncalled Senate races this year.

—Jon Traub

Election update: Tax implications of a Joe Biden presidency


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