Revenue & Tax Proposals FY 2025
The Biden administration has released its 2025 Budget Proposal, outlining the president’s policy priorities and tax proposals in the next fiscal year from Apr 1, 2024, to Mar 31, 2025. U.S. Department of the Treasury also released the “Green book,” as an additional 256 pages for General Explanations providing further detail on the proposals. The proposed budget continues to target taxes for corporations and high-net worth individuals, and in line with Biden’s prior statements, it does not raise taxes for individuals earnings less than $400,000 annually. While the proposals may not gain the necessary support from a Republican-controlled Congress, it is a pivotal time for tax policy, as many provisions