(Wednesday, Sept. 30, 2020; 9:30 PM EST) Should the Democrats win the White House and Senate on November 3, high-income individuals, along with those having estates valued at more than $1.1 million, will have to assess and implement  tax reduction strategies before the  end of the year. Complicating matters, the election results may be contested and delayed, making it even more important to be prepared to act swiftly.

President Donald Trump has not spelled out a comprehensive plan to cut the nation's soaring deficit and long-term debt, while Vice-President Joe Biden released a plan that would double the long-term capital gains tax rate from 20% to 39.7% and slash the lifetime tax exemption on gifts and estates from $11.6 million currently to $5.8 million. The Biden plan would also subject earnings of more than $400,000 to the 12.4% payroll tax.