Election impact
The results are in. What does this mean for your business? Explore the impact of election outcomes on your tax strategies and what to do next.
JOIN US JOIN US
JOIN US JOIN US
Hear from our team
WEBINARS
VIEW ALL VIDEOS & WEBCASTS
|
Stream now
On-demand webinar
|
Dec 10, 2024
Post-election: Tax updates for financial institutions
Financial institutions need to prepare for the new administration’s impending tax changes and
the 2026 expiration of TCJA provisions. Watch our webinar to learn about tax extender items,
high-interest-rate planning, tax credits, IRS updates, remote work implications, the Corporate
Transparency Act and state/local tax updates.
Tax
Financial Institutions
STREAM NOW
STREAM NOW
|
Stream now
On-demand webinar
|
Dec 5, 2024
Reduce your personal tax liability with year-end planning tips
Make the most of tax incentives and deductions with year-end planning tips from Wipfli. Watch
our on-demand webinar to stay on top of financial and tax planning. Learn how to improve your
tax plan and navigate the incoming administration’s impact on tax preparation, so you can optimize your tax position.
Tax
Private client services
STREAM NOW
STREAM NOW
|
Stream now
On-demand webinar
Dec 10, 2024
|
Register now
Get ready for change
Stream this on-demand webinar, featuring Wipfli partners Andrew Seifert and Greg Butler, on “Navigating tax policy changes post-election.” Learn about the key differences between the parties’ tax agendas, potential tax consequences of various election scenarios and best practices for preparing for the future.
Financial Institutions
Tax
STREAM NOW
STREAM NOW
new President’s potential tax policies
Donald Trump
President-Elect Trump’s tax plan aims to extend and build upon the Tax Cuts and Jobs Act, focusing on reducing taxes for individuals and businesses to stimulate economic growth. Tariffs play a key role in the Trump campaign’s tax position, with a baseline tariff on all U.S. imports and a 60% tariff on imports from China.
Kamala harris
donald trump
Key highlights
- Individual tax rates and child tax credit: Reduce individual tax rates, significantly cut the top rate and increase the child tax credit to $5,000 per child.
- Lower capital gains taxes: Reduce capital gains taxes to incentivize investment.
Trump’s tax plan aims to extend and build upon the Tax Cuts and Jobs Act (TCJA), focusing on reducing taxes for individuals and businesses to stimulate economic growth. Tariffs play a key role in the Trump campaign’s tax position, with a baseline tariff on all U.S. imports and a 60% tariff on imports from China.
Harris’s tax plan aims to address income inequality, support working families and stimulate economic growth. Her proposals build on existing policies, like the expansion of the child tax credit, while introducing new measures to provide financial relief and incentives for targeted groups.
- IRS budget cuts: Make significant cuts to the IRS budget to reduce government spending.
- Corporate tax rate reduction: Reduce the corporate tax rate from 21% to 15% to encourage business investment and growth.
- Scrutiny of tax reporting: Increase scrutiny on tax reporting to ensure compliance and reduce tax evasion.
- Universal baseline tariff: Impose a 10% or higher universal baseline tariff on all imports, with specific increases on tariffs for Chinese goods.
Harris: Key highlights
Trump: Key highlights
- Two-tier tax system: Create a simplified two-tier tax system for individuals, aiming to streamline the tax code.
- Individual tax rates and child tax credit: Reduce individual tax rates, significantly cut the top rate and increase the child tax credit to $5,000 per child.
- Child tax credit: Restore and increase the tax credit to $6,000 for children under one year, $3,600 for ages two through five and $3,000 for ages six and up.
- Earned income tax credit: Expand the credit for single and joint filers without children to provide more financial support to low-income workers.
- Corporate tax rate reduction: Reduce the corporate tax rate from 21% to 15% to encourage business investment and growth.
- Health insurance premium tax credit subsidies: Extend or make permanent the subsidies enacted under ARPA, which expire at the end of 2025.
- Universal baseline tariff: Impose a 10% or higher universal baseline tariff on all imports, with specific increases on tariffs for Chinese goods.
What’s next for your business?
- Tax incentives for homebuyers: Create tax incentives for first-time homebuyers, including up to $25,000 in down-payment assistance.
- Two-tier tax system: Create a simplified two-tier tax system for individuals, aiming to streamline the tax code.
- Tax incentives for small business startups: Expand the startup expense tax deduction from $5,000 to up to $50,000 for small businesses.
- Lower capital gains taxes: Reduce capital gains taxes to incentivize investment.
- Corporate tax rates are expected to decrease under a Trump administration. Speak with an advisor today to see how this might impact your bottom line, and explore options for investing your savings in the future of your business.
- IRS budget cuts: Make significant cuts to the IRS budget to reduce government spending.
- High-earner and corporate taxes: Raise the top marginal income tax rate on the top 1% to 39.6%. Increase the corporate income tax rate from 21% to 35%.
- High-earner and corporate taxes: Raise the top marginal income tax rate on the top 1% to 39.6%. Increase the corporate income tax rate from 21% to 35%.
- Scrutiny of tax reporting: Increase scrutiny on tax reporting to ensure compliance and reduce tax evasion.
- Tariffs on imported goods — particularly from China — may increase dramatically, creating uncertainty for businesses that rely on overseas suppliers. Our international tax professionals can explain the changes and help you develop strategies to comply with these new costs.
- Financial transaction tax: Create a financial transaction tax on stock trades (0.2%), bond trades (0.1%) and derivative transactions (0.002%).
- Increased scrutiny on tax reporting is promised under a Trump administration, making compliance more essential than ever. Our CPA tax services can help you stay on top of reporting regulations.