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Either Donald Trump or Kamala Harris will take office next year, but the race appears close.
Regardless of who gets elected, the country is bound to face some policy changes.
These could affect everything from taxes toretirement benefits.
Its too soon to say exactly how Harris would affect tax policies going forward.
However, she has supported using current tax code to address issues on an economical and societal scale.
Harris has proposed several tax-related policies, some of which have come to fruition.
Thus, any impact on retirees and working individuals remains to be seen.
This would subject more estates to the death tax.
If Harris gets elected and repeals this law, the higher exemption could disappear.
That said, this would affect only those with large estates.
My clients worry this could reduceretirement account balances and investment incomeover time through higher capital gains taxes.
Even if Harris does propose certaintax policy changes, they wont necessarily affect everyone equally.
Some individuals, especially low- or moderate-income retirees, might not see much of an effect at all.
In some cases, the impact of a Harris presidency could even be positive.
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