Federal Tax Policy Outlook: What’s Next from DC — Webinar Recap
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A quick look back at the “ Federal Tax Policy Outlook: What’s Next from DC,” presented by KBF Advisory and Resonant Tax Strategies on August 27, 2026
Couldn’t join our live session? Here’s a quick, high-level overview of what we covered, and why it’s worth watching the full replay.
Key Tax Deadlines and Expiring Provisions to Watch This Fall
A lot happens in the next few months. Government funding, the farm bill, and other major programs are set to expire on September 30, 2026, which means Congress will need to act or risk a shutdown. The midterm elections on November 3, 2026 could shift control of Congress and change the direction of tax policy heading into next year. And several tax breaks from the One Big Beautiful Bill Act(like no tax on tips, no tax on overtime, and the expanded SALT cap) expire after 2028, with the higher SALT cap running through 2029, so they’ll likely come up again in future negotiations.
What Congress Is Working On: Bipartisan and Partisan Tax Priorities
Right now, lawmakers are focused on a mix of issues where each party agrees like tax administration and digital assets, and issues where they don’t. Republicans are focused on promoting their recent tax law and defending it from criticism. Democrats are building their case for next year, introducing bills and identifying which tax changes could help pay for their own priorities down the road. There’s also a chance some of these issues get resolved through must-pass bills, like highway funding or year-end government spending deals.
How the November 2026 Midterms Could Reshape Federal Tax Policy
Depending on who wins in November, the tax policy landscape could look very different. A Republican sweep would likely mean another big tax bill focused on affordability, deficit reduction, and building on the One Big Beautiful Bill Act. A divided government would likely mean smaller, more bipartisan deals on things like retirement savings and digital assets, or in some cases, just gridlock. Either way, several long-serving lawmakers on the key tax committees are retiring, so new members will be shaping tax policy.
National Debt and Entitlement Pressures: The Constraint on Future Tax Cuts
The national debt is projected to keep climbing over the next decade, and Social Security and Medicare face funding shortfalls within the next six to eight years. That means whoever is in charge next year will have less room to maneuver. Every new tax cut or spending idea will face more pressure to be paid for somehow.
IRS and Treasury Guidance: What’s Still Coming in 2026
Even without new laws, there’s a long list of tax guidance still in the works, covering everything from new retirement accounts (Trump Accounts) to digital assets to international tax rules for multinational companies. Treasury is also paying closer attention to qualified small business stock and other complex financial products it considers abusive, so this is an area to watch even if Congress doesn’t pass anything new.
Global Minimum Tax Negotiations: What U.S. Multinationals Should Know
The U.S. is still negotiating with other countries over how multinational companies get taxed, including rules for a global minimum tax and how taxing rights get divided between countries. Talks over one piece of this system are expected to pick back up this fall, and the outcome could affect how U.S. companies do business abroad.
Watch the Full Federal Tax Policy Webinar On-Demand
This barely scratches the surface. Our speakers covered a lot more detail, including what specific bills to watch, how different election outcomes could play out, and what it all means for you.
[Watch the On-Demand Replay Here] | [Download the Full Presentation Here]
This article is for general information only and isn’t tax, legal, or accounting advice. Connect with a KBF professional about your specific situation.