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Highlights The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget. The $6 trillion budget, the largest since World War II, focuses on rebuilding the nation s aged infrastructure, augmenting the social safety net and combatting income inequality. The theme is to grow the U.S. economy from the bottom up and middle out, and not from the top down. To fund some of these expenditures, the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade. This Holland & Knight alert provides an overview of the proposed corporate and individual income tax increases as detailed in the U.S. Department of the Treasury May 2021 General Explanations of the Administration s Fiscal Year 2022 Revenue Proposals (the so-called Green Book). Subsequent alerts will focus on discrete topics, such as the i

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