No new taxes—for those who make less than $400,000 a year, anyway.

That was the bumper-sticker message about taxes during Democratic candidate—now President-elect—Joe Biden’s campaign for the nation’s top job. While his proposals may be layered and complex, Biden’s ideas on tax can be compressed into a general aim: making sure corporations and high-net-worth individuals pay their “fair share” of taxes.

Specifically, that means undoing much of the corporate tax rate cut enacted in the Tax Cuts and Jobs Act (TCJA) of 2017. It’s worth remembering, though, that any president’s tax plan will be subject to various tax policy considerations (outside of regulatory changes) which generally originate in Congress. How much, if any, of it becomes law still depends on many factors, not least of which is party control of the House and Senate.

In this issue of CFO Insights, we’ll help CFOs prepare for possible tax policy changes ahead. Which issues should they be most concerned about? How should that affect the guidance they give their VPs of tax and tax directors? And how likely is it that anything will change in the near term?

This publication was released by our US firm.

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