Don't Freak Out

It took only about .58 seconds after enough votes came in for Donald Trump to be announced as the next president for stories to come out about what the economy will look like under his second term and what tax changes could be on the horizon. No, that’s not even fully true – such stories had been coming out for weeks ahead of the election.

Now that we have reached the conclusion of the election cycle, it is impossible not to look forward to what it can mean. And depending on where you look, these visions range from idyllic to apocalyptic, so it is not as if there is one answer I can give you here and label it as exactly what you should expect.

We must take a bit of a pause until all the newly elected take office early next year and see where their priorities lie and what they will pursue first. For now, it’s probably best to just imagine that if you preferred things under Trump’s first four years as president over the last four years under Joe Biden, then it is likely to look good for you.

But that doesn’t mean you should immediately make any giant changes. During his first term, Trump did pass significant tax reform and it would not be wild to imagine he may do so again, or at least strengthen/extend some of the changes he has already championed. It would be wild, however, to imagine that he would come in and implement sweeping changes immediately that will affect your outlook for your next tax return.

For now then, remain on the course you have laid out for this year while being prepared to possibly make some changes in future years. As always, the thing to do is make the best moves within the rules that exist at the time. So, the rules have not changed but that does not mean they will not in the future.

And even if they do, we remain committed to working alongside you to help you make the rules work the best that they can for you.

Warmly,

Josh Bousquet
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