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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
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.
Need help preparing for 2021 and beyond? Contact us today.