We already know how Donald Trump takes taxes—given the tax reforms he introduced in 2017. The Tax Cuts and Jobs Act of 2017 introduced exemptions for corporations and reduced personal income tax rates to provide breathing room for all households in the country.
In any case, even though Trump favors low taxation—we have yet to see how his views change in the aftermath of the economic collapse during this outbreak. It is possible that we might see variations in future tax policies under Trump that might not be as lax as they were in the past—what exactly these policies might be, is an unanswered question as of yet.
Joe Biden, however, has made it quite clear that he intends to tax the wealthy and introduce income redistribution policies throughout the country. Whether he will succeed to get the laws passed through the Congress and the Senate is yet to be seen. This introduces a whole new set of confusions as tax advisors wonder what the new tax system will look like. One thing is for certain though, massive debt relief might well be on the horizon assuming that Biden takes office.
How Should You Prepare for These Changes?
The best possible option for everyone trying to create an effective tax management strategy or trying to pay off their tax debt is to hire a tax service like Empire Tax Consultants. We have years of experience helping renegotiate tax debt for clients with the IRS on their backs. We work throughout New York, helping people find immediate debt relief and managing their taxes to keep them ahead of their debt payments.
Get in touch with us today for more information on our services or to hire us as your tax debt consultants in New York.