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Friday, 13 November 2020 19:14

Defining Election Results for ACRA Members

Written by Chris Brown, Auto Rental News
President-elect Biden’s core political philosophies are very different on almost all subjects when compared to President Trump, and ACRA members likely will see new and perhaps unwelcome policy initiatives in 2021 that have been dormant for at least four years.  President-elect Biden’s core political philosophies are very different on almost all subjects when compared to President Trump, and ACRA members likely will see new and perhaps unwelcome policy initiatives in 2021 that have been dormant for at least four years.  Photo via Gage Skidmore/Wikimedia

Index

A week after election day, it is pretty well acknowledged that former Vice President Joe Biden will be inaugurated as the country’s 46th president in January 2021. 

President-elect Biden’s core political philosophies are very different on almost all subjects when compared to President Donald Trump, and American Car Rental Association (ACRA) members likely will see new and perhaps unwelcome policy initiatives in 2021 that have been dormant for at least four years. 

 

Among them: 

 

  • Revisiting 2017 tax reform law: Biden has promised to increase federal taxes on the “rich” and “big corporations”; exact details to follow, but increased corporate tax rates and repeal of full expensing for personal property could be on the new tax reform menu 
  • CO2 Controls and Vehicle Electrification: The current administration effectively rolled back Obama-era CO2 controls and vehicle CAFÉ standards; ACRA members should expect a Biden administration to pursue more stringent environmental standards in general and CO2 controls in particular and electrification of all motor vehicles; Vice President-Elect Kamala Harris is an original sponsor of the so-called Green New Deal, although Biden refused to endorse that proposal; Biden will feel substantial pressure from the left wing of his party to adopt many of their policy priorities 
  • Privacy Legislation: Harris is from California and a big champion of that state’s privacy law, CCPA; expect a Biden administration to push privacy policies for individuals, either through legislation or, if Congress doesn’t act, through administrative actions at the FTC and DOJ 
  • Economic Stimulus: Biden has promised to work with the GOP in Congress on stimulus legislation to reverse the economic impact of the COVID pandemic, but his priorities may look much more like those of House Democrats in terms of aid to states and cities, direct payments to taxpayers and extended unemployment benefits, instead of grants and low interest loans for businesses and liability protections. As of press time, control of the Senate has not been decided due to two run-off elections in Georgia, which will take place Jan. 5, 2021
     

Congress Impacts

 

The GOP candidates are favored in those run-offs but count on hundreds of millions of dollars being spent in the next seven weeks in Georgia...


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