Biden Administration Releases 2024 Budget, Green Book
19 March 2023
The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations.The proposed budget would increase the U.S. corporate income tax rate from 21% to 28%, and the top individual ordinary income tax rate from 37% to 39.6%. The international tax rules would be amended to raise the tax rate on the foreign earnings of U.S. multinational corporations, and the corporate stock repurchase excise tax that was enacted as part of the Inflation Reduction Act of 2022 would increase from 1% to 4%.
The White House simultaneously released the General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposal, known as the “Green Book,” which provides explanations and detailed estimates from the Treasury Department for the administration’s revenue proposals.
The following is a more detailed description of the administration’s proposals that would affect business entities, individuals, and the international tax regime.
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