Following the election of Donald Trump to the US presidency, what could be next for US tax policy?
As the world knows, Republican Donald Trump won the US presidency on 9 November, and the Republicans kept control of both the House and the Senate. The new Congress is expected to meet in joint session on 6 January 2017, with the new president to be sworn in a few weeks later on 20 January 2017. With Republicans controlling the White House, the House, and the Senate, the prospects for enactment of significant tax legislation have increased significantly.
During the campaign, now President-elect Trump advocated tax proposals which included:
It remains to be seen how the Trump Administration will work with Congress, but there are areas of agreement, particularly with regard to taxes. The big question may end up being to what extent Democrats in the Senate participate in putting together significant tax legislation.
KPMG in the US have prepared a detailed note covering preliminary observations following the election, including expected implications for US tax policy. They will also be holding an event in conjunction with Bloomberg BNA - After the election: Tax overhaul in 2017? A competitive imperative for American business. The event will take place on 15 November, and you can register to view it online.
Meanwhile, in the UK, the impact of a Trump presidency will also be felt. In a press release, KPMG in the UK highlight that the UK business community may be reviewing mergers and acquisitions, debt and equity positions as well as supply chains, and have underscored the need to reassure international workers.
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