Unified control of the White House and Congress provides Republicans the opportunity to set the legislative agenda, advance key priorities, and revisit the regulations promulgated by the outgoing Administration. The likely legislative and regulatory activity presents both opportunities and challenges for the business community.
The increased potential for comprehensive tax reform in 2017 has put a spotlight on the House Republican Blueprint. This Tax Insight provides more detail on these business provisions and discusses the impact the Blueprint would have on US competitiveness, the potential market impact of border adjustability, and the change it would represent in the taxation of cross-border income.
The combination of a Republican president and Republican majorities in both the House and the Senate increases significantly the prospects for enactment of comprehensive tax reform, legislation to repeal (and eventually replace) the ACA, and other major legislation. One of the greatest challenges will be for President Trump and Republican Congressional leaders to decide which priorities to address first.