3 minute read 28 May 2021
Treasury Building in Washington DC

Biden budget and Treasury Green Book provide details on tax proposals

By Washington Council Ernst & Young

Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.

3 minute read 28 May 2021
Related topics Tax

The FY 2022 budget blueprint and accompanying Green Book provide general explanations of the Biden Administration’s revenue proposals.

The Biden Administration has released its fiscal year 2022 budget blueprint. At the same time, the Treasury Department released its “General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals” (the Green Book), with details and revenue estimates on the President’s tax proposals.

In addition to providing additional details on the Biden Administration’s tax proposals, the budget blueprint highlights spending priorities. These details are useful for businesses to get a sense of where tax policy may be heading, as well as to compare the revenue raising estimates of tax provisions. Businesses can use this information to help shape their planning and overall response.

Summary

The release of the Administration’s budget blueprint and Treasury’s Green Book are important steps in the tax policy process. As legislation begins to take shape, businesses will want to continue to monitor, model and engage on these proposals.

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By Washington Council Ernst & Young

Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.

Related topics Tax