Taxes and politics are inherently linked. The midterm elections are approaching on November 3rd and when political power shifts, policies change and tax rates are adjusted impacting individuals and corporations. By being proactive you can prevent tax changes from impacting your financial efforts. 

The midterms occur two years after a presidential election and take place in all states. All districts in the House and every seat in the Senate are up for grabs. Since the beginning of 2025 Republicans have had total control of the White House, House, and Senate. The midterms may change that. 

The party that controls the house will push for the tax policies they believe in. The One Big Beautiful Bill Act was created to boost economic growth. Most Democrats were against it because the bill primarily benefited the wealthy and harmed lower income families. Instead of reducing our national deficit, the OBBB is projected to increase it by a projected $3.4 trillion over the next 10 years. If Democrats win control during the midterms, it is likely tax changes will be coming.

As the midterms are held in November, you have a little time to contact us to schedule an appointment but don’t wait too long. It’s not just taxes that are directly impacted by politics; the market is too. And during the midterms things tend to get a little bumpy. Take advantage of Alloy Wealth’s expert tax planning and investment management services to help prevent current affairs from derailing your financial efforts. Call 800-689-3935 to schedule an appointment.