KPMG report: Tax legislative outlook for the 118th Congress
The players, components, and motives that will drive tax legislative agenda in the current Congress
Conventional wisdom in Washington holds that the current Congress, now under divided control, will yield little, if any, significant tax legislation. This perspective may ultimately prove true since the Republican House and the Democratic Senate generally have very different tax agendas. Still, one durable truth on Capitol Hill is that Congress, no matter how divided, always seems to produce a tax bill. These tax bills often appear to come out of nowhere. But with hindsight, one can often see that the signs and the ingredients for that legislation were there all along, visible to those looking hard enough for them.
Read a February 2023 report [PDF 1.7 MB] (29 pages) prepared by KPMG LLP that aims to identify the players, the components, and the motives that will drive the tax legislative agenda in the current Congress.