'Same Old, Same Old' Revenue Raisers With A Few Twists

The Biden Administration's fiscal year 2025 budget submitted to Congress on March 11, 2024, is nearly the spitting image of last year's budget, with a few new twists, to eradicate numerous tax benefits usurped by large profitable corporations and wealthy individuals. With the proposed tax law changes, coupled with significant increases in IRS funding, the Administration estimates an additional $5 trillion in revenue over 10 years. However, with a divided government and impending election, Congress is unlikely to consider these proposals anytime soon. Nevertheless, the Biden Administration's vision and tactics set the stage for the upcoming election debate on tax policy, and beyond, as Congress will have to address the TCJA provisions set to expire at the end of 2025. Thus, we thought it important to recap several elements (recurring and new) of the Biden Administration's revenue-producing plans as detailed in Treasury's "General Explanations of the Administration's