Democratic takeover of Congress has many interest groups bracing for
changes, including finance and tax executives, who seem pretty certain
the new leadership will raise taxes.
That was the sentiment of a large majority of executives who were questioned in a recent survey by the law firm of Miller & Chevalier in Washington, D.C.
Of the 130 Fortune 100 finance and tax executives who responded, 83% said they felt the change in Congress would have an unfavorable impact on domestic business, while 90% felt it would negatively impact international business.
Oil and gas executives were the most concerned about the change, with 80% fearing an unfavorable result, followed by financial service executives, 79%. Manufacturers were the least concerned about the change, with 42% expressing worries.
"We know Congress is looking for ways to fund new tax priorities, such as providing alternative minimum tax relief," says Greg Mastel, chair of Miller & Chevalier's government affairs department. "While there remains uncertainty about the Congressional tax agenda, respondents to our survey told us they are keeping a close eye on a number of individual policy decisions that impact their industries."