Cross-border Tax Talks
US Election Results: What’s next for tax
Nov 20, 2024
Join Rohit Kumar, PwC’s National Tax Co-leader and former deputy chief of staff to Senator Mitch McConnell, as he dives into the implications of recent U.S. election results on tax policy. He discusses the potential for significant tax reform under a republican-controlled Congress, the challenges of achieving bipartisan support, and the forthcoming must-pass legislation in 2025. Rohit also sheds light on tariff policies, the fate of OECD’s Pillar One and Two, and what these changes could mean for international corporations navigating a complex landscape.
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Quick takeaways
- The Republican control of Congress following the election results suggests a strong focus on tax reform, though bipartisan support remains essential for substantial changes.
- Tariff policies are expected to undergo rapid development under the new administration, particularly concerning imports from China, influencing global economic relations significantly.
Deep dives
US Election Results and Political Implications
The recent US election results have significant implications for the upcoming Congress. President Trump has been reelected, likely to lead to a Republican-controlled Senate with a 53-47 majority, and a Republican majority in the House with 218 or possibly 222 seats. These outcomes suggest that Republicans will have a strong influence over legislation, but President Trump will still need bipartisan support for many initiatives. Despite the Republican gains, fundamental checks in the system, such as requiring a 60-vote minimum in the Senate for most significant changes, will still pose challenges for broad legislative ambitions.
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