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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