Will Any Tax Priorities Gain Ground in 2023?

A power split in Congress for 2023 means that key Democratic and Republican tax priorities could be stalled.

red question mark on a block for tax priorities story
(Image credit: Getty Images)

As a result of the most recent midterm elections, the balance of power in Congress is split for the next two years. Democrats retain control of the U.S. Senate and Republicans control the U.S. House of Representatives. That split means that if Republicans and Democrats cannot find common ground, significant disagreements around issues like immigration, abortion, gun control, and yes — taxes, will continue. And because of that, some 2023 tax issues that can impact your finances, like whether the expanded child tax credit will be brought back, or whether the so-called Trump tax cuts will be made permanent, might not get addressed.

So, what 2023 tax priorities might be on Congress’ to-do list in 2023? A few issues —some of which involve popular tax deductions — are highlighted below.

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.