Looking Forward to 2021: Legislative Outlook
In every presidential election year, there is interest in whether the next year will see changes in the tax laws. Predicting tax law changes is speculative, because it depends upon too many variables: who wins the presidency, which party controls the House, which party controls the Senate, whether there is unified or divided control of the government, and whether the economic and political climate after the election favors or disfavors any proposals that may have been floated during the campaign.
As with any change in the tax laws over the last several decades, changes offer new opportunities for planning. Regardless of the election, you should be thinking about, and discussing with your Gettry Marcus advisor the following Tax Planning items:
- Retirement Plans
- Investments/Stock Options
- Gifting and Estate Planning
- Philanthropic Contributions
- Business Valuations
At Gettry Marcus we are monitoring the situation and will let you know when more information is available. If you have any questions or wish to discuss tax planning, please contact your Gettry Marcus advisor.