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.
The Budget includes proposals for significant new federal spending on entitlement programs and tax relief for families and workers over the next decade, resulting in a proposed annual budget of about $10 trillion by 2033. To offset these spending increases, the Budget revives several tax proposals offered in previous budget requests or in the FY2022 budget-reconciliation process. The Budget also incorporates new proposals to increase taxes on large corporations and individuals with over $400,000 in annual income. If enacted in its entirety, the Budget would raise $4.7 trillion in additional tax revenue over the next decade compared to baseline budgetary estimates.
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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 Family Enterprise USA 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. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes family business and job creation, growth, and sustainability by advocating for family businesses, their lifetime of savings, and the issues they face running their businesses every day. Some of the issues we fight for or against with Congress in Washington DC are high Income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift, estate and generation skipping taxes. Family Enterprise USA represents and celebrates all sizes and industries of family businesses and multi-generational employers.
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