Whereas the Republican candidate proposes to extend or make permanent much of the Tax Cuts and Jobs Act (TCJA) provisions, the Democrats would allow much of the TCJA provisions to expire as planned, resulting in higher taxes for some taxpayers and tax cuts for others. The Democrats plan to raise the corporate income tax, while the Republicans plan to lower it.
Green energy initiatives could be on the chopping block for the Republicans, whereas the Democrats will most likely continue to expand clean energy tax credit programs.
It should be noted that although both presidential candidates have stated their proposals, no action can be taken unilaterally without congressional action. In a divided Congress, the chance of success for either party’s wish list is questionable.
The table below indicates the proposed changes for some significant corporate policies:
For more details, read the complete version of this article at visit tax.ryan.com/tax-2024-elections.
To register for free to watch a pre-recorded webinar, “Tax Considerations in This Election Year,” visit ryantax.wistia.com/medias/qje7bgjiw2.
Mark Nachbar and Mary Bernard at Ryan graciously provided this article and table.
