On March 28, 2022, the Biden Administration released its budget and tax proposals for FY2023. Alongside the Budget the Treasury released its document further describing the revenue proposals in what is typically called the Greenbook. Many of the proposals are reminiscent to those in last year’s Greenbook and/or part of the Build Back Better (BBB) proposals that passed the House but ran into opposition in the Senate.
Congressional Democrats can pass legislation on their own using a simple majority vote in the Senate through the budget reconciliation process. While Democratic senators were unable to reach a consensus on the BBB legislation passed by the House, largely due to the objections of Senators Manchin and Sinema, the political landscape may be changing. Both senators indicate a willingness to renewing negotiations. It is generally believed that a new package will be considered by Congress before the start of the Congressional August recess.
Read more to view a summary of some of the proposals that may be of interest to financial professionals.