The Biden administration has released its FY 2025 budget proposal, which includes several tax proposals aimed at raising revenue and promoting economic growth. These proposals include increasing the corporate tax rate, implementing a minimum tax on book income, and expanding the estate and gift tax. The budget also includes investments in infrastructure, education, and healthcare.
The U.S. Treasury Department on March 11, 2024, released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals [PDF 2 MB] (the “Green Book”). These revenue proposals are contained in the president’s FY 2025 budget recommendations transmitted to Congress the same day. Read TaxNewsFlash
Most of the proposals in this year’s Green Book are familiar ones, having been proposed in prior years. There are some notable changes however, including a proposed increase in the corporate alternative minimum tax (CAMT) rate from 15% to 21%, limits on depreciation and an increase in certain fuel taxes for some private planes, a new tax credit for certain first-time homebuyers, and modification of deadlines for certain information returns.
But the greater importance for this year’s Green Book is not what it means for 2024, but what it potentially tells us about 2025. These proposals will likely serve as the basis of the Biden Campaign tax plan, giving us insight into the coming tax agenda should President Biden win reelection. With trillions of dollars' worth of tax provisions expiring at the end of 2025, tax will undoubtedly be on the White House agenda next year, no matter who prevails this November.
Read a KPMG report about the tax proposals in the Green Book: Analysis and observations of tax proposals in Biden Administration’s FY 2025 budget [PDF 1.4 MB] (113 pages)
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