Overview
Different U.S. political parties have controlled the White
House, the Senate and the House of Representatives in 44 out of the
last 72 years. Since 1945, only 14 times (28 years) in modern
political history have both branches of Congress and the U.S.
Presidency been controlled by the same party. Remarkably, three of
14 times have been since the 2000 elections (George W. Bush in 2003
and 2005 and Donald J. Trump in 2017), which makes the results of
the recent election less of a recent phenomenon than one would
think. Interestingly, in the 14 times over 28 years, the Democrats
have held this advantage more often than Republicans (11 to
three).
Starting next year, with Republicans in control of the Executive
Branch as well as both bodies of Congress, all indications point to
significant tax legislation for 2017 and beyond. It is likely we
will see tax reform at a level and scope that has not occurred
since the Reagan administration in the 1980s. Specifically,
