What GOP Election Wins Could Mean for Trump Tax Cuts

The re-election of Donald Trump and Republican sweep in Congress makes an extension of the 2017 GOP tax cuts more likely, but there will be hurdles.

Republicans want to use a fast-track process to move legislation—but that maneuvering comes with various rules and procedures.

Meanwhile, senators in the party elected John Thune (R-S.D.), a long-time member of the Finance Committee, to become majority leader in January, succeeding Sen. Mitch McConnell (R-Ky.) Thune's experience on the Finance panel when the law known as the Tax Cuts and Jobs Act was crafted could help smooth the process.

On this episode of Talking Tax, Bloomberg Tax Deputy Team Leader Kim Dixon and reporter Zach C. Cohen discuss the new GOP Senate leader and how the fast-track process known as reconciliation could play out when Republicans take power in Washington next year.

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