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Congressional elections behind us—what does it mean for tax policy?

Part of the Tax News & Views podcast series

Following the runoff elections in Georgia, Capitol Hill is looking at a 50-50 split between Democrats and Republicans in the US Senate, with ties broken by the Vice President. This rare event in our country’s history elicits an important question within the tax and accounting sphere: What’s next for tax policy?

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Tax podcast: Congressional elections behind us—what does it mean for tax policy?

January 13, 2021

Could big tax changes be enacted quickly? Will there be tax increases, and how quickly could they happen? These are only a few of the questions tax professionals may be grappling with following the recent congressional elections.

In this latest episode, Deloitte Tax Partner Carrie Falkenhayn catches up with the leader of Deloitte’s Tax Policy Group and Capitol Hill veteran, Jon Traub. Jon walks us through the potential outlook on tax legislation, budget resolutions, and even the US Treasury department:

By virtue of having a very slim majority, Democrats have opened up the tool of budget reconciliation that lets them pass tax and spending bills that meet certain qualifications, with just a simple majority.

—Jon Traub

tax news and views congressional elections behind us

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