Mid-Winter Forecast: A U.S. Political, Economic and Tax Outlook 

It is time to look ahead and put our BAB heads together to find a way through the darker days that many commentators are forecasting this winter.  BAB brings together a panel of friends and colleagues to review the developments of the past 12 months and their ongoing impact on the U.S. tax, policy and economic landscape.

While the Covid-19 pandemic seems far in the past, the lingering economic effects—exacerbated by the war in Ukraine—continue to reverberate across the global economy. Republicans will take control of the House of Representatives, creating a split Congress and possible policy impasses too.  U.S. and UK growth is slowing and everyone from businesses to governments are tightening their budgets to deal with rising inflation.  As we enter the new year, we’d like to take the opportunity to take review the political, economic and tax implications of the last year and take a deeper look at the year to come, examining:

• Notable legislative accomplishments for the Biden administration in 2022, including the passage of the Inflation Reduction Act, and the long-term economic and tax implications for corporations
• Priorities for the Biden administration and Congress following the 2022 midterm elections
• The economic forecast for the US in 2023 and key considerations for US-UK businesses

Thanks to EY for their support and partnership to bring us this annual U.S. tax, political and economic outlook.