79% of CFOs Won’t Make Any Tax Decisions Based on Outcome of Presidential Race
An overwhelming majority of CFOs and senior comptrollers (79%) do not plan to make any tax decisions based on the outcome of the November 4 elections, according to a survey conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd.
“It’s a little surprising that so few financial executives 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,” said Mel Schwarz, a tax partner and legislative affairs director in Grant Thornton LLP’s National Tax Office.
Tax policy has emerged as one of the top issues of the campaign, and Sens. Barack Obama, D.-Ill., and John McCain, R-Ariz., have vastly different proposals for individuals and business. For individuals, Obama favors 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. (See Grant Thornton’s full comparison of the presidential candidates’ tax plans.)(www.GrantThornton.com/pres-tax)
Yet only a small minority of top financial executives plan to adjust their tax strategies depending on what happens in the election. A full 79 percent of CFOs and senior comptrollers surveyed by Grant Thornton said they did not plan on making any tax decisions based on the outcome of the presidential and congressional elections.
Does your company plan on making any tax decisions based on the outcome of the presidential and congressional elections?
Yes 20.8% ———————————————————————- No 79.2% ———————————————————————-
About the Survey
Grant Thornton LLP conducted the national survey from Sept. 8 through Sept. 19, 2008, with 688 chief financial officers and senior comptrollers.
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.