New president. New congress. New taxes?
The 2020 election concluded with Joe Biden elected as the 46th President of the United States, the Democrats winning control of the Senate and maintaining their majority in the House of Representatives. However, representation in both branches of Congress is very balanced. The Senate makeup in 2021 is 50/50 (including Independents with Democrats) with Vice President Kamala Harris representing the tie-breaking vote. While the Democrats retained control of the House of Representatives for 2021, their majority diminished to ~51%.
Given these outcomes, discussions have already begun regarding how the new government structure may impact potential tax law changes.
While we cannot yet definitively know what changes may be presented and ultimately passed, this article will:
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Review some of the key components of tax law changes that President Biden outlined during his campaign; and
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Highlight the potential impact, opportunities, and considerations for companies and executive compensation with regard to deferred compensation/executive retirement plans.
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