Taxes, taxes and more taxes. The Democrats have made it clear they intend to increase taxes on the wealthy and businesses. Trump’s 2017 tax bill lowered corporate and individual taxes and made tax law more beneficial to multinational companies. But federal spending has increased, even before COVID-19, and federal budgets will need additional tax revenues regardless of the election’s outcome. A Democratic White House could spur general partners who are holding onto gains in certain portfolio companies to sell ahead of schedule. Policies around who may invest in PE—whether wealthy Wall Street types or Main Street investors—will also be critical. READ MORE