With Election Day fast approaching, you’re likely wondering what impact the candidates’ plans will have on your taxes. Be sure to download our Tax Comparison Chart: Trump Vs. Biden- Face-Off on Federal Tax Issues. Here’s a sneak peek at what individual tax changes you could see depending on who is elected to office.

Potential Individual Tax Changes

Capital Gains Taxes: Republican nominee Donald Trump would like to lower the top long-term capital gains tax rate to 15% (currently 20%). Democratic nominee Joe Biden, on the other hand, would like net long term gains to be taxed at 39.6% for individuals with income exceeding $1 million.

Tax breaks for homeowners: Trump will preserve the current limits on mortgage interest, home equity interest and state and local taxes (SALT) and extend them beyond 2025. Biden plans to eliminate the $10,000 limit on itemized SALT deductions. Also, he would like to introduce a new refundable tax credit of up to $15,000 for first time homebuyers.

Estate and gift taxes: Trump will preserve the current federal gift and estate tax rules and extend them beyond 2025. Biden’s plan eliminates the basis step-up rules. He is likely to repeal the TCJA’s expanded unified federal gift and estate tax exemption before it is scheduled to expire in 2026.

Download our 2020 Tax Comparison Chart to learn more about how individual taxes could change, including child and dependent care credits, individual tax rates and more.