Treasury details Biden's tax proposals
By Naomi Jagoda - 05/28/21 02:20 PM EDT
The Treasury Department on Friday released details about President Biden’s tax-related proposals, which would raise a net $2.4 trillion over 10 years.
The release of the “Greenbook” of revenue proposals coincides with the unveiling of Biden’s $6 trillion budget proposal for fiscal year 2022.
It fleshes out tax proposals that are part of Biden’s $4 trillion economic plans, and includes information both about proposals to raise taxes on the wealthy and corporations, as well as proposals to expand tax credits that would reduce federal revenue.
Biden has split his major economic initiatives into two plans: the American Jobs Plan, which is focused on transportation and addressing climate change, and the American Families Plan, which is focused on areas such as education and child care. The Greenbook focuses specifically on portions of those plans relating to federal revenue, and does not include spending proposals unrelated to taxes that are also part of the plans.
The American Jobs Plan includes tax changes for corporations that Treasury estimates would on net raise about $2 trillion over 10 years. It also proposes expanding tax breaks for housing and infrastructure, repealing tax breaks for fossil fuel companies and expanding tax credits for clean energy. Treasury estimated that in total, tax proposals in the plan would raise on net about $1.7 trillion.
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https://thehill.com/policy/finance/555989-treasury-details-bidens-tax-proposals
