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The White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion in non-defense base discretionary spending. The request is the fourth and final budget proposal that Biden will issue before the end of his term. Similar to last week’s State of the Union address, the budget request highlights the policy priorities that will continue to be central to the president’s reelection campaign.
As expected, the budget offers a range of proposals to increase taxes on businesses and high-income individuals. In recent weeks, Biden frequently reiterated his promise that the budget proposal will not raise taxes on individuals with annual incomes below $400,000. Many of the tax provisions in the FY 2025 budget are the same or similar to proposals included in previous Biden administration budgets or early versions of the Build Back Better package. These proposals have thus far failed to attract sufficient support from Congress, but they may be reconsidered next year, depending on the result of the upcoming elections. Below are the corresponding documents for the FY 2025 budget:
- FY 2025 Budget Proposal. The budget proposal and corresponding revenue tables.
- Budget Fact Sheet. Top-line summary of various proposals in the budget.
- Tax Fact Sheet. Summary of the tax proposals in the budget.
- Budget Appendix & Analytical Perspectives. Additional budget estimates and economic data.
Separately, the Treasury Department released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, also known as the “Green Book,” today. This document provides cost estimates and more-detailed descriptions of the tax proposals in the budget.
The Brownstein Tax Policy Team is preparing an analysis of the tax provisions included in the administration’s FY 2025 budget, which will be published in the coming days. In the meantime, below are a few high-level takeaways concerning the tax-related proposals.
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The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.
Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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