Ahead of the November Election, there has been an uproar for change and equality throughout the United States. For any person living here in the United States, we know what the year 2020 has meant to us. We have seen the impossible happen, as well as, been haunted by conflicts that we thought were exterminated decades ago. Change needs to happen in this great nation, but will we see that in the election this November? Whether an American were to select Trump or Biden, a change will happen regardless. Whether it is for the best of our interests or not, most Americans will not be happy with any of the changes that both parties are planning on implementing.
Due to the global pandemic, it has left many people around the world in an unfortunate situation, where it has become hard to even survive. With many American companies temporarily closing their doors due to the pandemic, jobs were lost and paychecks were cut. Government authorities were then forced to put in place a stimulus plan. Most of the money that has been stimulating our government has come from the excess printing of money from the Federal Reserve. With money not being backed, it is creating more and more debt for our great nation to repay. In the near future, there is no doubt that the government will try every avenue they have available to eliminate the debt that has been accruing. With whoever is appointed leader of the United States this November, our tax rates will increase to try and start paying off America’s debt. Both parties are proposing some great ideas, but both ideas can be extreme in their own respect to the average taxpayer in America.
Source: Boston Private
As you can see in the chart above that this November’s Election will be very crucial for the next 4 years. For more tax questions or concerns about your business, MBA Financial & Accounting Solutions can help give answers to what is to come in November 2020 as well as in the future. Believe us, there are plenty of new laws and regulations that will affect both individuals and businesses, and we want to help you prepare for what is to come.
Contact MBA Financial & Accounting Solutions for any last-minute tax and accounting needs for tax season. One of our specialists will be happy to cater to you and help you with your tax and accounting needs.