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Tax Guy: What the midterm election results mean for your taxes

The 2018 midterm elections are over, and we will have a divided government through at least 2020. Here are the possible federal income tax implications for individual taxpayers:

Tax gridlock

With the Democrats now in control of the House and the Republicans still in control of the Senate, we have the classic recipe for tax gridlock. That’s because any tax legislation must originate in the House and then pass both the House and the Senate before being signed by the president. The Democrats want to roll back most or all of the taxpayer-friendly changes included in the 2017 Tax Reform and Jobs Act (TCJA), but there is no way the Republicans will allow that to happen.

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