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Hoosier business owners may be spared higher Biden taxes if GOP maintains Senate control

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Hoosiers who own businesses are most likely to be immediately affected by a Joe Biden presidency. But, because Republicans kept the Senate, and may win two run-off races in Georgia, you may not see the big tax increases promised during the Biden campaign, said Gerry Dick, with Inside Indiana Business.

“There is a feeling there will be divided government. With a Republican-controlled Senate, you’re not going to get drmatic or draconian tax reform,” said Dick, on WIBC Radio in Indianapolis. “It’s taken some of the fear out of those who have looked at tax increases, especially corporate tax increases.”

Dick said Monday’s 1,500 point increase at the opening of the markets was mostly due to news that a coronavirus vaccine may be nearly 90 percent effective. But, a part of it is relief that tax increases, if they happen, may not be drmataic and that the Trump-era rollbacks in government regulation may stay in place.

Dick said Indiana businesses will also be looking closely at Biden trade policy.

“Will tariffs on China continue? We’ve seen the impact in Indiana on the ag industry, not to mention the manufacturing sector, as well.”

Some of what happens may depend upon two runoff Senate races in Georgis, which will happen Jan. 5.

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