Yesterday was a tumultuous day, to say the least. Almost overshadowed by the chaos in Washington DC was the Democrats winning both Senate races in Georgia. This gives them control of Congress and an opportunity to make significant legislative changes, including tax policy.
While I believe it is unlikely that Biden will significantly increase taxes during a pandemic, I have been wrong in the past. We detailed some of the highlights of Biden’s proposed tax policy in a prior blog post, you can view it here: 2020 Post Election Tax Policy Update.
For a more comprehensive analysis of Biden’s tax proposals, take a look at this piece by Wolters Kluwer: Wolters Kluwer Tax Briefing.
One other good piece on potential tax policy changes with a Biden presidency is this Forbes article from Howard Gleckman: What Will a Narrow Democratic Congress Mean for Joe Biden's Tax Agenda?
Campaign promises and delivering results are two very different things, especially given the currently volatile political climate. We are actively monitoring proposed tax legislation and will continue to keep you up-to-date on all significant tax policy changes.
As always, reach out to Mollie or Brendan with any questions or concerns.