2020 Election: Insights for the middle market

additional election insights

Optimism in the middle market amid expectation of change

Report explores the expectations of senior executives at middle market businesses as the Biden administration takes over.

President Biden's tax plan

Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.

What will unified government mean for tax policy in 2021?

Tax changes are likely under unified Democratic government, but the nature, extent and timing of changes is uncertain.

Tax Policy Now: Year-end tax planning and Paycheck Protection Program

PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.

Policy snapshot: Life sciences

Biden plans to expand Medicare, a move that the Congressional Budget Office estimates would cut drug spending by $450 billion over 10 years.

Policy snapshot: Consumer products

The immediate actions of the Biden administration will most likely be focused on efforts to combat the COVID-19 pandemic.

Policy snapshot: Family offices

Now that Democrats’ best-case scenario in the Senate is a 50-50 split, it is safe to expect significant challenges to tax policy changes.

Policy snapshot: Capital markets

Biden’s victory will inevitably lead to changes at the top of key regulatory agencies, which will help him push his regulatory agenda.

Policy snapshot: Specialty finance

Middle market consumer loan companies and loan servicers will most likely face a dramatically different regulatory environment.

Policy snapshot: Banking

With Biden’s big-ticket items such as tax changes almost certainly off the table, the focus of banking will shift to regulation.

Policy snapshot: Technology, media and telecom

We expect the Biden administration will bring heightened oversight of anti-competitive behaviors, and the privacy and security of data.

Policy snapshot: Manufacturing

We expect Biden to be more supportive of free trade, even though Biden’s “Buy American” proposal does reflect protectionism.

Policy snapshot: Real estate

Based on Biden’s campaign platform, long-term capital gains, currently taxed at 20%, would be taxed at ordinary income rates.