Jorge Castro Comments on Outlook for Potential Tax Legislative Proposals Under an Incoming Biden Administration in the Hill
"Biden Tax-Hike Proposals Face Bumpy Road Ahead"
Jorge Castro, Member of Miller & Chevalier and former Congressional aide and Counselor to the IRS Commissioner during the Obama administration, commented on the outlook for potential tax legislation under an incoming Biden administration. "Getting them to agree on a legislative proposal will not be easy," Castro said. President-elect Joe Biden and congressional Democrats have signaled plans to raise taxes on wealthy individuals and corporations, but significant hurdles remain even with Democratic majorities in both the U.S. House and Senate. This month's Democratic sweep of Senate runoﬀs in Georgia, giving Democrats control of the Senate for the first time since 2014, increases the odds of tax proposals advancing through U.S. Congress. However, slim margins in both the House and the Senate mean enacting tax increases will prove challenging.