Greenbook Deja’vu: Proposed Tax Increase on Wealthy

On March 9, 2023, the Biden Administration released its budget and tax proposals for FY2024. 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 prior years’ Greenbook.

The budget proposes to increase taxes for corporations and for individuals with incomes above $400,000 as part of a plan intended to reduce federal budget deficits by $2.858 trillion over 10 years. The release of the President’s FY 2024 budget comes at a time when President Biden and Congress are debating how to reach an agreement on legislation to increase the federal statutory debt limit. House Republicans are expected to lay out their own budget proposals in coming weeks.

Read more to view a summary of some of the proposals that may be of interest to financial professionals.