As the election date comes closer, economists and executives alike are trying to determine how the presidential election might affect investment and growth outlooks. Kamala Harris is in favor of increasing the levy from 21% up to 28%, while Donald Trump favors lowering corporate tax rates to 20%, even mentioning a levy down at 15%. Regardless of who is elected President, they will need the approval of Congress to change the rate, which is also dependent on election results in November. All of this leaves a big question mark for business: what will corporate tax rates look like in the next year, and how do they plan for the future with such uncertainty? Many tax advisers are suggesting that businesses model for a 25% corporate tax rate at this point in time.
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