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Biden Administration's FY 2022 Budget and Its Tax Increases for Corporations, Wealthy | Holland & Knight LLP

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, s ....

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U.S. Department Of The Treasury, Office Of Public Affairs: Administration's FY2022 Budget Tax Proposals Will Promote Shared Growth And Prosperity

<p><span face="times new roman,times" size="3">Today’s budget, which includes the American Jobs and Families Plans, makes the necessary investments in both our infrastructure and our people to ensure the post-pandemic chapter of our history is a strong and prosperous one. Importantly, too, this budget puts our country on a long-term fiscally sustainable path through fair and efficient tax reform.”</span><br /><span face="times new roman,times" size="3">– Secretary of the Treasury Janet L. Yellen</span></p> ....

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