Ted Godbout, writer/editor for the American Retirement Association, reports that the possibility of Republicans controlling the Executive Branch, as well as both chambers of Congress, could have significant ramifications for retirement and tax policy issues.
What’s next: President Trump proposed to eliminate the tax on Social Security benefits and his administration would likely seek to reverse many of the Labor Department’s initiatives under the Biden administration, including environmental, social and governance (ESG) investing.
While control of the House of Representatives is still up in the air, Republicans hold a 52-44 seat advantage in the Senate with four races still outstanding. This means there will be leadership changes to the:
- Banking Committee, which has jurisdiction over FHA and housing policy matters;
- Finance Committee, which has jurisdiction over the Internal Revenue Code, Social Security, tariff and trade issues; and the
- Special Committee on Aging, which holds hearings on important issues that impact America’s older population and recommends policy updates.
