2024 Budget is Released by Biden Administration (Green Book)

On March 9th, the Biden Administration unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years. This will primarily raise taxes on high-net-worth individuals and larger corporations. The White House simultaneously released the “Green Book”, which is the General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals. This provides additional details and explanations for the revenue proposals and will affect business entities, individuals, and the international tax regime.

Click the link below to read the full article from BDO that contains a detailed description of the budget proposals:

https://www.bdo.com/getattachment/9a967738-f0fe-4fd4-9aa7-e03e2f31ff2b/BDO-Biden-Administration-Releases-2024-Budget-Green-Book-3.pdf?lang=en-US&ext=.pdf