It should come as no surprise to hear the economy is the top issue for voters in the 2020 election. Nearly 8 in ten voters say that the economy will be very important to them when they cast their votes.1
But when voters say “economy,” what do they really mean? Is it a catch-all phrase for personal finances? Not exactly. Here’s a breakdown of voters’ top three economic concerns and what each candidate has said about the issues.1
Questions about trade. Questions remain about what will develop between the U.S. and China following the election. President Trump has worked to revise the U.S.-China trade agreements, while former Vice President Joe Biden has indicated he may move towards a more open trade policy.2
Corporate taxes. President Trump passed The Tax Cuts and Jobs Act (TCJA) of 2017, a far-reaching piece of legislation that included lowered corporate taxes. Former Vice President Biden has said that he wants to repeal parts of the TCJA and has indicated he would be in favor of raising corporate taxes back up to 28% from 21%.2
Climate change. Former Vice President Biden has put forward his “Clean Energy Revolution,” which is designed to transition the country to 100% clean energy and net-zero emissions. President Trump is likely to continue to pursue adjusting environmental regulations and supporting fossil fuel.2
What issues will be pursued? Expect that Congress will have a big part to play regarding pursued policies. If you have any concerns about any of the positions taken by the candidates, please give us a call. I’d welcome the chance to hear your perspective.
As we all wait to see what the outcome will be, please remember that as your trusted financial advisor, I will be assisting you to make the best long term plans to meet your long term goals. Please reach out and make an appointment with me.
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1. PewResearch.org, August 13, 2020
The S&P 500 Composite Index is an unmanaged group of securities considered to be representative of the stock market in general. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies.
Election 2020: Economic Issues in the Crosshairs
November 03, 2020