Election 2020: President Trump's Tax Plans

The president still hasn't provided details about second-term tax plans if he wins the election, but he has dropped a few hints over the past few months.

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The Trump administration talked about releasing a comprehensive second-term tax strategy earlier this year, but the COVID-19 pandemic derailed that plan. So, instead, we're left with a handful of vague ideas and bullet-point descriptions about various tax cuts the president would like to pursue if he's re-elected. (Unlike Joe Biden, don't expect President Trump to call for any tax increases.)

The Trump campaign promised more detail on his second-term agenda, but at this point we don't think that will ever happen. Plus, adding to the confusion, the president has occasionally come out in favor of a particular tax proposal, only to reverse course or walk back support for it later. So, we'll just have to make do with the scant information currently available when trying to figure out what the president would do about taxes during a second term.

This puts voters in a tight spot. Despite the stock market's rebound over the past few months, there are still serious problems with the U.S. economy right now – and tax policy is going to be an important part of any economic recovery in the future. With the election right around the corner, that means voters need to know now where the president stands on taxes. So, to that end, we combed through Trump administration statements and came up with a list of the most significant tax proposals President Trump has put forth or supported this year. While we don't have very much detail on these proposals, there's enough meat on the bones to get a sense of where the president stands on taxes.

Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.