President-elect Trump and Senate Majority Expected to Prioritize Tax Legislation
Originally published on November 6,2024 by Eric Schmutz for NAIOP.
Donald Trump’s victory in Tuesday’s presidential election makes him the first candidate in over a century to reclaim the White House after losing a re-election bid, and we expect his second term to have a significant impact on federal tax policy.
Republican tax priorities also received a boost on Tuesday when, for the first time since 2018, they regained control of the Senate after picking up seats in West Virginia, Ohio and Montana and overcoming challenges in Florida, Nebraska and Texas. With races yet to be called in Pennsylvania, Michigan, Wisconsin and Nevada, the only questions left are the size of the Republican majority and the identity of the next Senate majority leader.
The first of those questions could take a few days to answer, but Senate Republicans are scheduled to meet next week to choose their next leader. At the time of this writing, Senators John Thune (R-SD), John Cornyn, (R-TX) and Rick Scott (R-FL) are the declared candidates, but because the race is determined by a secret ballot, it is too early to predict a front runner.