“This Budget builds on our economic progress by making smart, fiscally responsible investments, which would be more than fully paid for by requiring corporations and the wealthy to pay their fair share. The Budget’s growth-enhancing investments will continue the economic progress of the last two years and further boost the economy’s productive capacity.”
—Secretary of the Treasury Janet L. Yellen
WASHINGTON—Today, the U.S. Department of the Treasury released the General Explanations of the Administration’s FY2024 Revenue Proposals, or “Greenbook,” a document to explain the revenue proposals included in President Joe Biden’s Budget. The Greenbook outlines critical tax proposals that will support President Biden’s investments in the American people by ensuring the wealthy and large corporations pay their fair share, providing relief to hard-working families, and continuing to reduce the deficit.
Under President Biden, the United States has experienced tremendous economic progress. The President’s strategy to grow our economy from the bottom up and the middle out has helped jumpstart one of the strongest economic recoveries in modern history, including the lowest unemployment rate in 54 years, the largest two-year job gains on record, and the strongest two years for small business creations in history. The President’s FY024 Budget will continue this momentum by continuing to lower costs for families, protecting and strengthening Social Security and Medicare, and reducing the deficit.
The Administration’s revenue proposals would ensure that the wealthy and large corporations pay their fair share and, in doing so, fully pay for the investments proposed in the President’s Budget while generating nearly $3 trillion in additional deficit reduction over the next decade. The proposals would also provide relief by expanding tax credits for workers and families.
Key revenue proposals in the Greenbook would:
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