On May 28, 2021, the Treasury Department released an overview of tax proposals included in the Biden Administration’s fiscal year 2022 budget submission to Congress. Commonly known as the “Green Book,” this 114-page document provides more details regarding the Administration’s tax proposals that were previewed in the American Jobs and the American Families Plans.

The main points of the Administration’s tax plan – higher tax rates for high-income individuals and large corporations – were established during the presidential campaign and set down in broad terms with the release of the American Jobs and the American Families Plans. However, important details were missing, and the Green Book, which is not yet in a proposed bill form, is intended to fill in some of the gaps in the Administration’s priorities.

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