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Healthcare Policy Outlook with a Democratic-Controlled Senate | Holland & Knight LLP

Highlights
The victories by Democrats Raphael Warnock and Jon Ossoff in the Georgia runoff elections for the U.S. Senate mean that incoming majority leader Chuck Schumer (D-N.Y.) will preside over the narrowest possible majority in the Senate under which Vice President Kamala Harris would provide the tie-breaking vote.
The House and the Senate's narrow margins make it unlikely that broad sweeping proposals advanced by progressive Democrats but not supported by their more moderate colleagues will be able to pass. However, control of the Senate should significantly impact the prospects for President Biden's healthcare agenda.
This Holland & Knight alert provides an updated assessment of healthcare policy activities likely to see action in the new 117th Congress and the Biden Administration in the wake of the Georgia runoff elections and based on additional information coming out of the Biden-Harris team.

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Looking Ahead At The 2021 Tax Policy Landscape - Tax

Minimum tax
Impose a 15 percent minimum tax on book income for those
taxpayers with over $100 million in income but that owe no tax,
with certain limitations
Pass-throughs
Business credits
Create or expand a number of credits, including a new
Manufacturing Communities Tax Credit, the New Markets Tax Credit
and credits related to renewable energy
Financial institutions

Global Intangible Low-Taxed Income (GILTI)
Double rate from 10.5 percent to 21 percent, assess GILTI on a
country-by-country basis and eliminate certain exemptions
Offshoring
Create a 10 percent surtax for offshoring manufacturing and
service jobs, when goods or services are then sold in the U.S.
market

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