Although Senate control will not be determined until two runoff races in Georgia are decided in January, Joe Biden's election victory means some changes are ahead for the business community. In this edition of our post-election webinar series, members of our Corporate Group provided an in-depth analysis of President-elect Biden's policy goals; expected changes in the leadership of Senate and congressional committees; and how a divided congress or a slim Democratic majority is likely to impact the passage of any major legislation.
The panelists explored Biden's domestic and international tax proposals, which include increasing the corporate tax rate, reforming tax "loopholes" in the real estate industry, and introducing a variety of job creation incentives, but noted that these policies are predicated on a Democratic majority in the House and Senate. The group also examined Biden's climate-related proposals, which are central to his platform, and agreed that while the political realities make a Green New Deal implausible, climate issues will be front and center in all aspects of government and will be integral to all trade talks and agreements.
Finally, the group discussed Biden's planned response to the COVID-19 epidemic, including a possible stimulus package, a swift vaccine rollout, and a national mask mandate; his healthcare proposals, including plans to strengthen the Affordable Care Act; his tech policy, which comprises a $400 billion investment in research & development, billions more for broadband deployment to underserved or unserved markets, and a potential push to split up big tech companies; the possibility of major infrastructure spending; the likely resumption of Obama-style trade policies; and the reaffirmation of our commitments abroad.