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On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax proposals in the budget along with associated revenue estimates.
For FY2024, the Budget would result in an estimated federal deficit of approximately $1.8 trillion – an increase of more than 30% compared to FY2023 levels. The budget also proposes $880 billion for defense and approximately $992 billion for non-defense discretionary spending. To improve tax administration and enforcement, the Budget recommends $14.1 billion for the Internal Revenue Service (IRS), a $1.8 billion or nearly 15% increase over the FY2023 enacted funding.
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The Budget includes proposals for significant new federal spending on... (continue reading)
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Our thanks to Brownstein Hyatt Farber Schreck, LLP.
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About Brownstein Hyatt Farber Schreck, LLP
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
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Upcoming Events
- March 16: Grand Rapids FBC, Grand Rapids, MI
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March 22: Homrich Berg webinar
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March 22: California Family Business Association, Tustin, CA
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- March 23: Maine FBC Event
- March 29: High Center FBC, Elizabethtown, PA
- April 19 - 21: Transitions East, St Petersburg, FL
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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