Election 2020: Biden’s Policy Initiatives

Now that several major news groups have projected Joe Biden the winner of the presidential election—and Congress appears divided with Democrats in control of the House and Republicans the Senate—it’s a good time to review what type of legislative support would be needed to pass certain proposals.

The key item to remember is that any change will follow a process, which would allow some time to evaluate the economic impact. Let’s take a closer look at four examples:

  • Repealing the 2017 Tax Cuts and Jobs Act. This type of legislation would need the approval of the House of Representatives and 51 Senate votes.
  • Increasing capital gains taxes. Legislation of this nature also would need the approval of the House of Representatives and 51 Senate votes.
  • Providing additional fiscal stimulus. For this type of measure, legislation would need to move through the House and get 60 Senate votes.
  • Evaluate China tariffs, other tariffs. The president can use his executive authority to move these concepts forward.

Right now, it’s uncertain what proposals will be taken up. Many items were discussed during the campaign, but what initiatives will take priority may become more clear in the weeks and months ahead.

If you are a client who is concerned about one or more of these policies, please give us a call. We would welcome the chance to hear your perspective, and hopefully, we can provide some guidance.

If you are not a client but are wondering how these changes will impact your financial security and you would like to work with an advisor, please let us know and we would be happy to set up an introductory meeting.

Sources:

WStreet.com, November 4, 2020


Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.

Published for the blog on November 19, 2020 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.

video

The 5 Fundamentals of
Selecting the Right Advisor

Download Paper  right-arrow

Newsletter Signup

getting-started

GETTING STARTED WITH SEARCY