US election won't affect CFO tax plans

The vast majority of CFOs and senior comptrollers in the US do not plan to make any tax decisions based on the outcome of today's presidential and congressional elections. According to a survey by Grant Thornton LLP, the US arm of Grant Thornton International, only 21% plan to take the race into consideration. Grant Thornton tax partner Mel Schwarz said: 'It's a little surprising that so few financial executives do not plan to make any tax decisions based on who wins the election considering how much interest there's been in how each candidate plans to tax various kinds of income.' Tax policy has emerged as one of the top issues of the campaign, and Senators Barack Obama and John McCain have vastly different proposals for individuals and businesses, says grant Thornton. For individuals, Obama favours middle-class cuts and increases in capital gains and dividend tax rates, while McCain proposes an across-the-board extension of the Bush tax cuts. McCain would also give businesses a lower corporate rate and the ability to expense more assets. Obama's business tax relief is more targeted.
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