WASHINGTON- The 21% U.S. company tax charge was the cornerstone of the Trump era tax legislation. If Democrats manage to control the House, Senate and the presidency, they plan to increase the rate to 28%. Companies are beginning to wonder what things will look like as the prospect of a very democratic federal government is becoming more likely. The 2017 tax cut lowered the tax from 35% to 21%, if Trump wins the election he plans on lowering the tax again. Life-insurance firms are concerned about the potential impact they will see under the Biden tax plan.

Biden plans to also increase taxes on the real-estate business and breaks for renewable power companies.

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