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The Biden Administration’s 2023 Budget: Déjà Vu All Over Again

The Treasury’s Greenbook commenting and explaining budget recommendations for FY 2023 raises warnings of tax increases. But what are the odds Congress passes anything before the midterm elections this November? This article presents a summary of the proposed tax increases and the likelihood of these provisions being enacted into law.

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The Biden Administration presented a $5.8 trillion budget for fiscal year 2023 at the end of March 2022. The Treasury has issued its general explanation of the administration’s Fiscal Year 2023 Revenue Proposals (the Green Book), which contains many provisions that were part of the President’s proposals last year, both modifications and new provisions. See, https://bit.ly/37nvOvG.

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