PracticeAccounting FirmsFew CFOs will take note of US election outcome

Few CFOs will take note of US election outcome

Few CFOs plan to make any tax decisions based on the outcome of the presidential elections

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.

Further reading:

Taxpayer bailout to help stricken UK banks

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