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Abstract: 

The President’s budget proposal for Fiscal Year 2024 includes a mix of new and recycled tax increases that together would raise more than $4.7 trillion in new revenue. The budget as a whole has little chance of enactment with Republicans in charge of the House, and should not be viewed as a unified legislative proposal. It is instead a statement of tax priorities, and it has important implications. President Biden is doubling down on some of the more transformative reform proposals in advance of an election in 2024 that will be very important for tax policy. In addition, some of the more narrowly targeted and less partisan proposals could be picked up as discrete revenue raisers for other bipartisan priorities.

Keywords: tax increases, revenue raisers, tax legislation, tax policy platform, Medicare tax increase, digital asset mining excise tax, stock buybacks

Affiliations:  1: Grant Thornton LLP.