Eric Winwood, a partner with Sidley Austin in Dallas. Courtesy photo
The votes have been counted, and the Electoral College has determined that Democratic Party candidate Joe Biden has won the 2020 presidential election. In addition, while the Democratic Party has retained its narrow majority of the House of Representatives following November’s elections, the status of the Senate majority remains to be seen. Ultimately, the fate of the Senate majority will be determined once a special election for both of Georgia’s Senate seats concludes in early January. Regardless of the outcome of that special election, the incoming Biden administration will be motivated to see its proposals and priorities from the campaign trail enacted into law. This includes Biden’s proposed tax plan, which includes (among other things) changes to the corporate, capital gains, and estate tax, etc., as well as other changes in the individual federal income tax rates and Social Security tax regime that will impact the taxation of executive compensation.
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