WASHINGTON Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds.
The Senate has been controlled by the Democrats since 2007 and the House by the Republicans since 2011. In the Senate, 53 members are Democrats, 45 are Republicans, and two are Independents that caucus with the Democrats. In order to take control of the Senate, the GOP would have to have a net gain of six seats from the midterm elections. In the House, 233 are Republicans, 199 are Democrats, and there are three vacancies. To gain a majority in the House, Democrats would need a net gain of 17 seats.
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