Few CFOs will take note of US election outcome

Few chief financial officers and senior comptrollers plan to make any tax decisions based on the outcome of the US presidential and congressional elections starting today, according to a survey conducted by Grant Thornton LLP in the US.

An overwhelming majority of 79% will not be influenced by the change of US administration in their tax decisions. Something, Mel Schwarz, a Grant Thornton LLP tax partner and national tax office legislative affairs director, has found surprising, given the vast difference between the two presidential candidates in tax policies for business and individuals.

While John McCain promises business a lower corporate rate at 25% and the ability to expense more assets, Barrack Obama's business tax relief is more targeted, considering lower corporate tax rates only if 'loopholes' are closed.

Obama has also promised a substantial list of offsets and to boost alternative energy and conservation tax incentives and supported efforts to repeal tax incentives for the oil and gas industry.

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