Election 2020: Economic Issues in the Crosshairs

Election 2020: What Voters Really Mean by “The Economy”

It should come as no surprise to hear the economy is the top issue for voters in the 2020 election. Nearly 8 in ten voters say that the economy will be very important to them when they cast their votes.¹

But when voters say “economy,” what do they really mean? Is it a catch-all phrase for personal finances? Not exactly. Here’s a breakdown of voters’ top three economic concerns and what each candidate has said about the issues.¹

Questions about trade:

Questions remain about what will develop between the U.S. and China following the election. President Trump has worked to revise the U.S.-China trade agreements, while former Vice President Joe Biden has indicated he may move towards a more open trade policy.²

Corporate taxes:

President Trump passed The Tax Cuts and Jobs Act (TCJA) of 2017, a far-reaching piece of legislation that included lowered corporate taxes. Former Vice President Biden has said that he wants to repeal parts of the TCJA and has indicated he would be in favor of raising corporate taxes back up to 28% from 21%.²

For strategies on managing investments under changing tax policies, explore 7 Tax Planning Provisions in SECURE 2.0 and IRA Contribution Limits 2024: How Much Can You Save?.

Climate change:

Finally, climate change plays a growing role in economic discussions. Former Vice President Biden has proposed a “Clean Energy Revolution” aimed at reaching 100% clean energy and net-zero emissions. President Trump, on the other hand, has focused on easing environmental regulations while supporting fossil fuel industries.²

For insights on sustainable investments, see Invest in Renewable Energy for a Greener Future.

What Comes Next?

So, which policies will move forward? Much will depend on Congress, which will play a key role in shaping future legislation. Therefore, policy outcomes may take time to become clear.If any of these economic issues concern you, please give us a call. We can help you evaluate the potential impact on your long-term financial strategy, including retirement planning and portfolio adjustments. For more, see Financial Advice for Retirement Planning for Florida Retirees.

^{The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.}