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2020 Election: Insights for the middle market
The November 2020 U.S. election could lead to significant policy shifts across the legislative and regulatory landscape. RSM leaders are on the front lines, working across industries and engaging with policymakers to help navigate through the policy uncertainty.
Here you can read, listen to and view our latest election-related insights, and most importantly, learn about the potential impacts the outcome of the elections will have on middle market organizations. Or contact us today to discuss how your business can prepare for 2021 and beyond.
See more economic policy coverage on our blog, The Real Economy
additional election insights
Report explores the expectations of senior executives at middle market businesses as the Biden administration takes over.
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
Tax changes are likely under unified Democratic government, but the nature, extent and timing of changes is uncertain.
PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.
Biden plans to expand Medicare, a move that the Congressional Budget Office estimates would cut drug spending by $450 billion over 10 years.
The immediate actions of the Biden administration will most likely be focused on efforts to combat the COVID-19 pandemic.
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.
Biden’s victory will inevitably lead to changes at the top of key regulatory agencies, which will help him push his regulatory agenda.
Middle market consumer loan companies and loan servicers will most likely face a dramatically different regulatory environment.
With Biden’s big-ticket items such as tax changes almost certainly off the table, the focus of banking will shift to regulation.
We expect the Biden administration will bring heightened oversight of anti-competitive behaviors, and the privacy and security of data.
We expect Biden to be more supportive of free trade, even though Biden’s “Buy American” proposal does reflect protectionism.
Based on Biden’s campaign platform, long-term capital gains, currently taxed at 20%, would be taxed at ordinary income rates.
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