With the upcoming election, I know that there are many more implications than just money. There are obviously political, health, and social issues that are critical and in our face every day. I honestly wouldn’t know where to begin with those and I only really named a few to begin with. So instead, I will do my best to present the facts on important financial policies with some educated guesses mixed in.

Tax Code

Federal tax rates on corporate and individual income were both cut under the Trump Administration. Some personal deductions were eliminated and high-tax states were hurt with the State and Local Tax (SALT) deductions being capped at $10,000. However, most taxpayers still came out ahead thanks in part to their lower tax rate and higher standard deductions.

Joe Biden has proposed several tax hikes that are mostly focused on those households making $400,000 or more and on corporations. Biden has proposed bumping the top individual tax rate back to where it was at 39.6% and treating capital gains and dividends as ordinary income, which were previously capped at 20%. Additionally, his plan includes removing the Qualified Business Income tax deduction for pass-through business owners (partnerships, LLCs, S-Corporations, and sole proprietors).

Under another term with Trump, we’d likely see a continuation of the current tax code without too many more significant changes. He already completed the biggest shakeup in three deca