With a Democratic Congress, a Biden administration would be well positioned to not only roll back most of the Trump-era tax cuts but increase taxes on corporations, high-income individuals, and capital gains, and cut them for lower and middle-income Americans.

A Republican Senate could make passage of any new Democratic administration's tax initiatives difficult. And it’s likely that the provisions of the Tax Cuts and Jobs Act would not be addressed, setting it up to sunset in 2026.

With a divided government, a Republican administration would be hard pressed to win further tax cuts. And it’s likely that the temporary rate cuts in the Tax Cuts and Jobs Act would not be addressed, setting it up to sunset in 2026.

President Trump has spoken of reducing taxes on capital gains and “terminating the payroll tax.” There are no specific proposals yet, but with a Republican Congress, further tax cuts and an extension of the Tax Cuts and Jobs Act would be possible.

Higher taxes on corporate profits and capital gains, plus policies to discourage share buybacks could be a negative for stocks. But higher taxes don't always mean worse stock market performance—they could be offset by more federal spending stimulating potential earnings growth.

Expect more regulatory scrutiny of certain industries like fossil fuels, health care, financial services, and big tech. Beneficiaries could include renewables and utilities.

Further tax cuts would be challenging to achieve with a Democratic House. But President Trump’s deregulatory approach would likely continue which could help industries lower the cost of doing business and improve returns for shareholders.

The Republicans' focus on deregulation and tax cuts aimed at corporations and investors have buoyed the stock market. With a Republican Congress, further regulatory rollbacks on business are possible as are tax cuts.

With a Democratic Congress, a Biden administration could find support for proposals to expand the Affordable Care Act with a premium tax credit for middle class families and a public health insurance option like Medicare, lower the Medicare eligibility age from 65 to 60, and expand Medicaid in 18 states.

With a divided Congress, health care legislation could be stalled. But a Democratic administration could reverse some Republican-led changes to the Affordable Care Act and Medicaid through increased regulation of the health care industry.

Democrats in the House would likely block efforts to repeal the Affordable Care Act, if Republicans decide to revitalize this effort. And differences over how to reduce drug prices could make passage of a bipartisan bill difficult.

President Trump has previously vowed to repeal the Affordable Care Act and lower drug prices by allowing the legal importation of prescription drugs from Canada and other countries where prices are lower. With a Republican Congress, he may have greater support to undo the health care law but lowering drug costs may prove difficult.

The Biden campaign has proposed increasing Social Security benefits for low-income beneficiaries, those over age 78, and widows and widowers, financed by raising payroll taxes on high earners ($400,000 or more per year). A Democratic Congress would likely be supportive.

With a divided Congress, it's not clear if a Biden administration could get enough support for a payroll tax increase to boost Social Security benefits. But there is support from both parties to make it easier for people to save for retirement by expanding access to retirement accounts and simplifying existing rules.

It's unlikely that a divided Congress would approve eliminating or permanently reducing the payroll tax. But there is bipartisan support for legislation to expand access to retirement accounts and simplify existing rules.

President Trump has suggested eliminating the payroll tax, which funds Social Security. Given already rising deficits, that would be unlikely without a way to pay for it. More likely would be further efforts to expand access to retirement savings plans, where there is bipartisan support.

The Biden campaign has proposed expanding broadband access for K-12 schools, providing tuition-free community college, and overhauling student loans. Biden's plan would focus relief on lower-income earners attending public or historically black colleges, and forgive all loans after 20 years of repayments. With a Democratic Congress the odds of some student debt relief are good.

With a divided Congress, winning funding for broadband access may be difficult. But there is bipartisan support for free community college and some form of student loan debt relief, though differences in approach could complicate reaching a consensus.

In a divided Congress, it's unlikely that increased funding for private school vouchers would find enough support to pass. But there is bipartisan support for student debt relief, though differences in approach could complicate reaching a consensus.

To promote school choice, President Trump has proposed federally subsidized private school vouchers. To help relieve the student debt burden, his plan would forgive federal student loans after 15 years of payments and consolidate repayment plans but end federal subsidies. With a Republican Congress his chances improve.