Election 2020: Biden tax plan could dent banks’ bottom lines
By Neil Haggerty
Banking policy has kept a low profile in the 2020 presidential campaign, but one visible issue with clear implications for banks’ bottom lines is corporate taxes. …A Biden administration might be hesitant to enact any immediate changes to the tax framework given the current economic conditions as a result of the coronavirus pandemic, said Karen Petrou, managing partner at Federal Financial Analytics. “They are not going to kick the country nor the banking industry when it’s down in the first, second or third quarter of next year,” Petrou said.