Following the United States presidential election and Georgia run-off elections, which resulted in Democratic control of the Senate, the Democratic Party now controls all three branches of the U.S. government. These results put Joe Biden in a stronger position to pursue his legislative agenda to fulful his campaign promises, including tax reform. While he does not have unilateral decision-making power, some proposed key changes may impact the U.S. tax landscape. These changes could include:
Estate and Gift Tax:
These tax changes are significant and, if implemented, will have a substantial impact on those who own U.S. businesses or hold U.S. investments. If you have any questions about how the potential U.S. tax changes may impact you, please reach out to our U.S. Cross Border Tax Specialist, Irfan Zaki.
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