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.