The election happened November 3rd! There are millions of ballots cast, but the outcome is yet to be determined.
With any election, but more so with this one, many Americans are wondering how they will be affected. There are significant differences with each party’s platform including significant changes in tax laws. Tax changes will affect every family’s estate and financial plan.
The Democratic Party’s platform includes expansion of several renewable-energy-related tax credits. The Republican Party’s platform includes U.S. energy independence, safeguarding the cybersecurity of the national power grid and other critical infrastructure, and deregulation to ease the process of planning and construction. These are not the Parties’ only planks in their respective platforms, just some of many proposals if their side should win.
So how does this affect your estate and financial plan? On the surface if Biden wins, investors could potentially see a spike in investments around the green new deal. If Trump wins, a spike in stocks dealing with construction and infrastructure are likely. Investors are projecting a potentially volatile market. The outcome will provide markets some clarity, but since mail-in ballots take more time to collect and count, the volatility may persist beyond election day.
Join Charles Randall from Clark Street Financial and Lisa Wynn from Morris Hall as they discuss the impact on your financial and legal plan after the results of the election are announced.