With the Democrats capturing the presidency and holding on to a majority in the U.S. House of Representatives, all eyes are focused on the Georgia Senate race. The remaining candidates in each race will advance to a runoff election on January 5, 2021. The Democrats need to pick up both Georgia seats to gain control of the Senate (with Vice President-elect Kamala Harris serving as tie-breaker). Currently, the polls show Sen. Kelly Loeffler (R) essentially even with Raphael Warnock (D) and incumbent David Perdue (R) slightly ahead of Jon Ossoff (D). A Democratic sweep would shift control of the Senate to the Democrats and would signal the likely end of the current doubling of the Federal Gift and Estate tax exclusion. A Republican sweep or a split of the two seats means the Republicans are able to keep control of the Senate and the estate tax issue will become a bargaining chip with lots of discussion, but likely little action until the 2022 mid-terms.
