KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2024 budget
KPMG report on tax proposals in the “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals” (Green Book)
KPMG report on tax proposals in the Green Book
The U.S. Treasury Department on March 9, 2023, released its “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals” (the “Green Book”). These revenue proposals are contained in the president’s FY 2024 budget recommendations transmitted to Congress the same day.
In its FY 2024 budget, the administration laid out its annual spending plan for the fiscal year beginning October 1, 2023, for discretionary and mandatory programs and interest on the debt. The administration’s budget recommendations are, of course, only recommendations. Congress can accept, reject, ignore, or modify them as part of the legislative process, as well as add other proposals. It can also choose to offset all or only a part of any spending programs it approves.
The tax proposals, in particular, face a very uncertain fate in the current Congress with divided party control. The majorities in the House and Senate are narrow while the partisan divisions regarding tax policy are wide, making passage of any controversial tax legislation difficult. Given such divergent views on the direction of the tax system, substantial changes to spending or revenue may prove impossible. It is possible, however, that some more limited proposals may attract bipartisan support and could be included in near-term legislation.
Read a KPMG report about the tax proposals in the Green Book: KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2024 budget [PDF 1.4 MB] (76 pages)
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