The 2026 midterm elections will affect every member of the House and roughly one-third of the Senate. This year has already seen a record number of members retiring or seeking other office. In the House, over 30 Republicans and over 20 Democrats announced that they will not be running again for their seats. In the Senate, there are seven Republicans and six Democrats not running for reelection. The large number of members not returning, combined with the potential for a change in control of both chambers, creates the potential for significant changes on the House Committee on Ways and Means and the Senate Committee on Finance.

House Committee on Ways and Means

Seven House taxwriters have announced plans to depart next year: Representatives Jodey Arrington (R-TX), Vern Buchanan (R-FL), Danny Davis (D-IL), Lloyd Doggett (D-TX), Dwight Evans (D-PA), Randy Feenstra (R-IA), and David Schweikert (R-AZ). Representatives Feenstra and Schweikert are running for governor in their respective states, and Representative Kevin Hern (R-OK) may run for the seat of Senator Markwayne Mullin (R-OK), who was just nominated to head the Department of Homeland Security. More retirement announcements and primary losses by sitting members are almost inevitable. 

While the number of retirements alone will result in significant changes to the Committee on Ways and Means, a potential change in control would also have a dramatic impact. Currently, the committee ratio stands at 26 Republicans and 19 Democrats. If Republicans lose their razor-thin majority in the House after the midterms, Democrats would take control of the House, with Representative Richard Neal (D-MA) taking the gavel as Chairman of the Committee on Ways and Means, resulting in an increase in Democratic seats and decrease in Republican seats.

Senate Committee on Finance

Five members are up for re-election: Senators Bill Cassidy (R-LA), John Cornyn (R-TX), Ray Lujan (D-NM), Roger Marshall (R-KS), and Mark Warner (D-VA). Senators Cassidy and Cornyn are both facing significant primary challenges, with Cornyn already being forced into a run-off last week. There are also a number of members retiring or running for other office: Senators Michael Bennet (D-CO), Marsha Blackburn (R-TN), Steve Daines (R-MT), Tina Smith (D-MN), and Thom Tillis (R-NC). Senators Bennet and Blackburn are both running for governor of their respective states – they are not up for re-election this year but if they win their governorship races, they will leave their Senate seats. Currently, the committee ratio stands at 14 Republicans and 13 Democrats. If there is a change in control of the Senate, Senator Ron Wyden (D-OR) would retake the gavel as Chairman, and there would also be a pick-up of a Democratic seat or two on the committee.

It's still a long way to November, and it's far from certain how the midterm elections will play out. But we do know that significant changes in the membership of both taxwriting committees are coming in 2027. #TaxTake

Upcoming Speaking Engagements 

Mike will speak at the Tax Executives Institute (TEI) 2026 Midyear Conference on March 16 and The Tax Council Spring Tax Policy Conference on March 19-21.

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