“General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”
The U.S. Treasury Department this afternoon released the “Green Book” [PDF 2 MB]. Treasury’s “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals” is a 256-page explanation of the tax proposals in the Biden Administration’s FY 2025 budget, also released and transmitted to Congress today. Read TaxNewsFlash
Most of the administration’s revenue proposals are familiar, having been included in previous budgets. However, the administration is unveiling new proposals in a few areas including proposals to increase in the corporate alternative minimum tax (CAMT), limit depreciation and increase certain fuel taxes for some private planes, create a new tax credit for certain first-time homebuyers, and modify deadlines for certain information returns.
These proposals, as explained in the Green Book, would increase and reform corporate taxation, as well as increase individual taxes on those with annual earnings exceeding $400,000. According to the administration, these proposals are intended to “reduce the deficit by cracking down on fraud, cutting wasteful spending, and making the wealthy and corporations pay their fair share.” Its revenue proposals are said by the administration to reduce the 10-year deficit by $3 trillion.
Business tax proposals include:
Individual tax proposals include:
Read a revenue estimate [PDF 741 KB] of the tax proposals in the Green Book.
KPMG will soon provide a more detailed discussion of the tax provisions in the administration’s FY2025 budget.