Capital Corner: Change Leads to . . . Change
Jim Brandenburg, CPA, MST, Shareholder - Tax email | bio
The long anticipated and highly publicized 2010 elections are over (yes, there still are some undecided races and recounts). The November mid-term elections were highly debated and publicized locally, because Wisconsin was electing a new governor, and nationally, because major tax issues will be significantly impacted by the results of this election.
Locally, Scott Walker will soon be our new Wisconsin governor. Nationally, Republicans will have a majority in the House but not in the Senate in January.
With a Republican majority in the House, the battle will be not only at the congressional level, but with the president as well. Following the contentious legislative debate over taxes, attempting to forge new tax policies will be critical for both Congress and the president. Getting new tax bills through Congress and the president next year will be tricky and gridlock may ensue. Compounding the battle is the fact that the "Bush Tax Cuts," estate tax and extender legislation need to be addressed before the end of the year in the "lame duck" sessions.
These sessions should be interesting to say the least, as we see the upcoming change in power shift the legislative focus. Stay tuned...