I’m Just a (Reconciliation) Bill

What impact will the recent elections and the impending “tax cliff” have on U.S. and global tax policy? 

In this episode of Inside International Tax, we discuss how the results of the November election in the United States may impact tax policy in the near term, including the ways in which the new Congress may be able to pass tax legislation, what roadblocks may exist, and the impact tax disruptors, such as the expiring TCJA provisions and global tax reform, may have in shaping tax policy for 2025 and beyond.

On November 5, 2024—election day in the U.S. — the Republican Party won control of the Presidency, the House of Representatives, and the Senate. With this Republican sweep, and the convergence of several domestic and global tax disruptors in 2025, the future of tax policy in the U.S. is at an inflection point. How will the Republican’s narrow margins in Congress impact their ability to execute on President-Elect Trump’s tax ideas, and how will budget reconciliation play a role?  Can Congress extend the TCJA’s expiring provisions temporarily or permanently? How will Congress pay for this? Will CAMT or the IRA credits be repealed? How will the new administration respond to the global implementation of Pillar Two? Could the UTPR safe harbor be extended for U.S. multinationals?

Join us as our co-hosts Kristen Gamboa and Gary Scanlon are joined by returning guests, Dan Winnick and Michael Plowgian from the KPMG US Washington National Tax - International Tax group, to answer these questions and more.