Treasury, White House Release FY 2025 Budget and Green Book Detailing Administration’s Tax Proposals

The White House on March 11 released President Biden’s fiscal year 2025 budget proposal, followed by the U.S Treasury’s release of the General Explanations of the Administrations Fiscal Year 2025 Revenue Proposals, commonly known as the Green Book, which includes a 256-page explanation of the administration’s tax proposals.   

There were few surprises in the budget proposal, which hews closely to the administration’s themes of promoting tax fairness, raising tax rates for large corporations and high-net-worth individuals, and cracking down on tax avoidance by large multinationals that had been previewed during President Biden’s March 7 State of the Union address.

While many of the proposals had been included in prior years’ budgets, the FY 2025 plan contains some modifications, including an increase in the corporate alternative minimum tax (from 15% to 21%) and the corporate income tax rate (from 21% to 28%), and a quadrupling of the excise tax on stock buybacks (from 1% to 4%). 

Download our detailed description of the administration’s proposals that would affect business entities, individuals, and the international tax regime.