Month: October 2020

Debatable political perspectives and tax implications

By Christopher Hynes, JD, CFP

Regardless of your political perspective, tax laws have without doubt changed in significant ways this year and depending upon who wins the election, tax increases may be inevitable.  Chris Hynes, SVP of Tax Consulting for Tax Law Solutions provides some useful insight.

Predictably, opinions regarding who finished 1st and who finished 3rd in the initial 2020 presidential debate remain divided (Chris Wallace seems to be the consensus 2nd place finisher…). Prospective voters are similarly split on the sub-issue of Donald Trump’s taxes. Like the larger question of who prevailed in the (over) moderated insulta-thon, the resolution to this issue is clearly a matter of perspective: is it dishonest or unfair for a billionaire to pay less in federal income tax than his secretary (I know, that was a different billionaire)? Or, with due attribution to Bill Belichick, is Trump simply ‘playing the game as the game is played’. Ergo, isn’t any animus directed at the ‘player’ de facto illegitimate?

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