Election 2020: Where the Candidates Stand on Key Issues

As the impact of the COVID-19 crisis continues to weigh on the US economy, the need to reinvigorate growth is something both the Democrat challenger and Republican incumbent agree is critical. Their proposed approaches and specifics for doing so, however, often differ.

The following summarizes what is currently known about each of the two major-party candidates’ economic policies. As the candidates continue campaigning, and economic indicators are updated, the specifics of these policy plans could shift in coming weeks.

Overall Approach

Infrastructure

Pandemic Support

Minimum Wage

Education

Health Insurance/ Medicare/Medicaid

Trade

Regulation

Individual Income Taxes

Read more about the presidential candidates’ tax plans.

Estate Taxes

Read more about the presidential candidates’ tax plans.

Capital Gains & Dividends Tax

Read more about the presidential candidates’ tax plans.

Corporate Taxes

Read more about the presidential candidates’ tax plans.

Dive Deeper

Election 2020: Plan, Don’t Predict

Scenario Analysis: Planning strategies for all political outcomes.

Election 2020

Policy & Your Wealth Plan

Understand where the candidates stand and how it may impact your wealth plan.

The Northern Trust Institute

Proven Advice for Moments that Matter

Primary sources for candidate proposals:
https://www.joebiden.com/joes-vision/
https://www.whitehouse.gov/wp-content/uploads/2019/03/budget-fy2020.pdf
https://www.taxfoundation.org/joe-biden-tax-plan-2020/
https://www.cfr.org/election2020/candidate-tracker/donald-j.-trump
https://www.cfr.org/election2020/candidate-tracker/joe-biden

(Retrieved between August 27 and September 18, 2020)

Disclosures

This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

Read more articles for multigenerational families

Navigate to Rethink Giving: Newer Ways to Make an Impact
Impact

Rethink Giving: Newer Ways to Make an Impact

Explore new charitable giving opportunities.

Navigate to 10 Steps to Reduce your Risk of Cyber Fraud
Wealth

10 Steps to Reduce your Risk of Cyber Fraud

Reduce your risk of identity theft and fraud.

Navigate to Navigating Generational Divides
Family

Navigating Generational Divides

Establish a plan to manage wealth together.

Navigate to Transfer Wealth Purposefully with a Statement of Intent
Family

Transfer Wealth Purposefully with a Statement of Intent

Set your family up for success by sharing your intentions.

Explore Specialized Advice