This year is poised to be another bruising battle for control of the House and Senate. Historically, the president’s party loses seats in midterm elections. Unless something drastic occurs, that is likely to be the case once again.
For almost 30 years, we’ve been hoping for a reform of the tax code and for the better part of the last seven, LIFO users have helped beat back the possibility of repeal. 2014 may be the biggest fight we’ll ever see on this front. With two departing committee chairmen, all signs are pointing toward a tax overhaul. We expect a release of draft legislation early in the first quarter. The scrapping of tax provisions that many ASA members have benefited from could become a reality in exchange for lower marginal rates.