Hi All. It's obviously been a busy week and we have a new president-elect.
Biden has proposed lots of changes to tax laws, including tax hikes on those earning more than $400k annually. We've had calls with many
of you the past couple months, planning for a "what-if" in case these changes became enacted.
At this point, the chances of passing any substantial tax legislation is unclear. That's because to pass tax legislation, Biden would most likely need a democratic majority in the Senate. For now, it's 48-48 with Alaska and North Carolina's races not yet finalized, both with Republican incumbents.
That leaves 2 more seats, both in Georgia. And both of those will be determined in an early January run-off election.
For Biden to have a democratic Senate, he'd need to pick up 2 of the 4 remaining unresolved seats. Meaning, we just don't know.
So for now, no changes in tax forecasts or new legislation. We'll know more when the Senate races are resolved.
If you have questions, please let us know.