Balancing Uncle Sam's Checkbook: Biden's Tax Proposals

In President Biden's recent State of the Union Address, he called on corporations and wealthy taxpayers to pay their “fair share” through proposals to end tax breaks for private jets, further limit deductions for executive pay, and raise the corporate minimum tax to 21%. On March 11, 2024, the Biden Administration released its Fiscal Year 2025 Budget Proposals (the “FY 25 Budget”, available here), and the Treasury Department released its General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals (the “Greenbook”, available here). The Greenbook elaborates on revenue proposals in the FY 25 Budget.

While the FY 25 Budget includes some new tax proposals, it largely reintroduces identical tax proposals from prior Biden budgets. Part I below summarizes the key new tax proposals, and Part II below highlights the key tax proposals that were reintroduced.