Tax Pros Gauge Midterm Elections' Impact on Policy Outlook

Tax attorneys Joshua Odintz, Nicole Elliott and Andrew Siracuse were featured in a Thomson Reuters article recapping their webinar on the potential effects of the midterm elections on federal tax policy. The attorneys discussed what could move a tax bill in the near term, with Joshua listing expiring tax credits such as the Work Opportunity Tax Credit, healthcare premium tax credits and CHIPS Act credit for semiconductor facilities as potential areas for debate and Nicole adding that bipartisan measures like the Taxpayer Assistance and Service Act to modernize the IRS or digital asset legislation could also compel lawmakers to act.

The presentation additionally explored how the election outcomes will influence lame-duck activity: Andrew said if the Republicans maintain control of Congress, pressure for a reconciliation bill will subside, while Joshua predicted unified Democrat control would lead to attempts to reduce benefits for high-income taxpayers and multinationals. Andrew noted that regardless of the post-election congressional makeup, tax-writing committees will see turnover, which carries implications for legislative and policy efforts in 2027 and beyond.

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