THE expected Blue Wave for Democrats did not happen. Republicans kept control of the Senate.
This forms a split government with Democrats at the White House and Lower House while Republicans remain in control of the Senate. This limits President-elect Biden’s full-blown venture into tax and healthcare programs.
Regulation of the oil and gas industry will likely increase as President-elect Biden goes for clean energy. President Trump was hostile to renewable energy; instead, he tried to revive the coal industry. Biden wants to generate clean, American-made electricity to achieve a carbon pollution-free power sector by 2035. Renewable energy (wind and solar) is likely the biggest energy winner.
Senate Minority Leader Chuck Schumer proposed to rapidly turnover the nation’s automobile fleet by offering cash voucher incentives to trade gas-powered cars for plug-in electric, hybrid or hydrogen fuel cell cars. Shades of Cash for Clunkers from years back.
A divided Congress may be negative for financials. Round two of stimulus package may be lower than would have been in a blue wave.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].