How will the upcoming election impact Taxes, Stimulus & the Stock Market?
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The Big BOSS is back! Will Steih, the Managing Director for the Tennessee office of Prime Capital Investment Advisors, is back in studio with Josh Null and Jay Stubbs for another business owner focused podcast series. Now, normally the show topics are evergreen, but Will, Jay and Josh all felt that with a possibly historic election just days away, they would record some of their thoughts before the final outcome is known. Let put it down on tape for posterity, so that they could either make fun of themselves a few days (weeks? months?) after the election, or remark at how brilliant their predictions turned out to be!
Tune in to hear Josh, Will and Jay discuss 3 key areas for folks with investment and/or business assets to think about with our upcoming election: Taxes, Stimulus and Market Uncertainty. Also tune into to hear if Josh can ever learn how to pronounce “Presidency”. The answer, sadly, is no.
- With a change in leadership, the current state of income tax law could quickly pivot, particularly as it relates to the Tax Cuts & Jobs Act (commonly referred to as the Trump Tax Bill). Will, with his CPA background, dives into how the Trump Tax Bill impacted income tax brackets and what the QBI pass thru deduction has meant for closely held businesses.
- Part of the recent tax legislation allowed for the “step up in basis” for capital gains, particularly on inherited assets. A change in leadership cold impact this part of the tax code. Josh, Jay and Will discuss real world examples of how this impacts those that inherit assets.
- Corporate income tax rates were dropped from 28% to 21%, and many business owners operated under the assumption that these rates would hold until the scheduled sunset in 2025, but Will, Josh and Jay discuss how the Biden plan discusses raising these rates before sunset.
- Trillions of dollars of stimulus were pumped into the economy thru stimulus funds, as well as EIDL and PPP loans through the SBA. Josh, Jay and Will discuss their thoughts on additional stimulus, as well as how outstanding loans will be impacted with a change in leadership.
- With all of the uncertainty in the stock market, Josh, Jay and Will discuss the question on the mind of many investors: “what should I do?”. This especially applies to those in or near retirement, and wary of a significant drop in investment account values.
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