Cross-border Tax Talks US Election Results: What’s next for tax
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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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2024 Election Results Overview
- Republicans secured a decisive victory in the 2024 US federal elections, winning the presidency, House, and Senate.
- This marks the first time a Republican presidential candidate has won the popular vote since 2004.
Checks and Balances
- Despite unified Republican control, President Trump cannot enact policies unilaterally.
- Most actions necessitate passing legislation through both chambers, often requiring a 60-vote Senate supermajority.
Tariff Implementation vs. Tax Policy
- Tariff policy is easier for a president to implement than tax policy due to delegated authority from Congress.
- However, imposing blanket tariffs on all imports would be legally untested and likely challenged.