Potential proposals and their legislative requirements.
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.1
Increasing capital gains taxes. Legislation of this nature also would need the approval of the House of Representatives and 51 Senate votes.1
Providing additional fiscal stimulus. For this type of measure, legislation would need to move through the House and get 60 Senate votes.1
Evaluate China tariffs, other tariffs. The president can use his executive authority to move these concepts forward.1
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 concerned about one or more of these policies, it may prudent to contact your financial professional. There’s little doubt they would welcome the chance to provide some guidance during this time.
Securities offered through World Equity Group, Inc. (WEG), members FINRA and SIPC.
Investment advisory services offered through Bluepath Capital and Triumph Wealth Advisors. Nicholas Wealth, Bluepath Capital and Triumph Wealth Advisors are separate entities, and are not owned or controlled by WEG. This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Citations. 1. WStreet.com, November 4, 2020
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