Biden has proposed to increase marginal tax rates, Social Security taxes and capital gains taxes, which could all gain traction. The focus for executive compensation may also pivot to the regulatory front, specifically to a Democratic-led Securities and Exchange Commission. The WTW authors note that, while the pandemic will likely get top priority, expect recent changes to regulations passed along partisan lines to be revisited during a Biden administration. These could include easing the recently imposed restrictions on proxy advisors, proxy access and shareholder proposals, which could increase shareholder influence over corporate operations. READ MORE