Treasury Releases Fiscal 2025 Greenbook

With the U.S. Treasury Department’s release of the Fiscal 2025 Greenbook, this annual OnPoint from Bloomberg Tax provides a summary breakdown of the most significant revenue proposals for President Biden’s fiscal 2025 budget.

Tax changes make up the bulk of the projected $3.6 trillion rise in revenue, which will be comprised of increased rates and expanded brackets for high-earners, increasing corporate rates, and changing US international tax rules to align with Pillar Two.

The Greenbook also covers closing loopholes and expanding the social safety net, including:

Making expanded health care premium support permanent
Restoring the child tax credit; adding homebuyer credit
Adjusting requirements for retirement accounts and distributions

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