global Tax 2020 Tax Comparison Chart: Businesses October 29, 2020 Disclaimer This post was published more than two years ago, and some information may now be out of date. We want to help you make the best decisions possible—please connect with your advisor or check out our latest resources for the most current guidance. Business taxes could change significantly depending on the results of the 2020 election, download our Tax Comparison Chart to learn more. Here’s a sneak peek. With Election Day fast approaching, you’re likely wondering what impact the candidates’ plans will have on your taxes. Be sure to download our Tax Comparison Chart: Trump Vs. Biden- Face-Off on Federal Tax Issues. Here’s a sneak peek at what business tax changes you could see depending on who is elected to office. Potential Business Tax Changes Corporate AMT- Republican presidential nominee Donald Trump will preserve the elimination of the AMT under current tax law. Democratic presidential nominee Joe Biden favors a new 15% minimum tax on corporations with at least $100 million in annual income that pay little or no federal income tax under current tax law. QBI Deduction- Trump will not change or expand the deduction based on a non-corporate owner’s qualified business income. Biden proposes expanding and simplifying the deduction for profitable pass-through entities that aren’t involved in rental real estate activities. In general, his plan would limit QBI deductions for those earning more than $400,000 per year. Green tax breaks- Trump does not have plans to add or expand any existing green tax breaks as of yet. Biden’s plan calls for reinstating or expanding Obama-era green tax breaks. For more information on what could potentially change for businesses, download our Tax Comparison Chart: Trump Vs. Biden- Face-Off on Federal Tax Issues. Questions? Contact us.
