What about if Trump wins?
Would you be right to think that there will be no significant changes? It’s not entirely certain. In the first instance, the US budget deficit is increasing through a combination of the 2017 tax cuts and the impact of the cost of COVID-19 to the US economy and treasury so far. Taxes might have to rise if the fiscal pressure becomes too great.
Perhaps more likely, Trump spent a lot of time in the 2016 campaign discussing big infrastructure projects such as highways, bridges, dams, and perhaps technology infrastructure, such as improving broad band in rural areas of the country. None of this has happened. If he gets a second term, he might be ready to cut a deal to raise taxes in order to fund a major package of infrastructure improvements.