Given the number of environmental provisions, this Green Book is even greener than usual. This 114-page publication is traditionally called The Green Book by the tax community. The implications for estate, gift and fiduciary taxation pose a dramatic impact on how advisors and clients approach planning, and are the focus of this Beyond the Bottom Line article. The Department of the Treasury has recently published detailed information about the Biden Administration’s tax proposals for fiscal-year 2022. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration's FY2022 Revenue Proposals, or “Greenbook. The tax proposals presented in the Green Book address changes to a myriad of areas and industries, as we discussed in our Beyond the Bottom Line on June 16, 2021. The Green Book explains the revenue proposals in the President's budget and serves as a guidepost to Congress for tax legislation by describing current law (adjusted baseline), proposed changes, the rationale from a policy perspective, and Treasury’s revenue projection. A return to annual publication of the Greenbook would be a welcome tax policy development, particularly in the current legislative environment, as it would provide highly anticipated details on potential revenue raisers, such as President Biden's proposed 15. Please join KPMG LLP (KPMG) for a 60-minute webcast with senior professionals from our Asset Management and Washington National Tax practice, which. The last Greenbook was published in 2016, when it appeared alongside the FY2017 budget. The tax proposals in the Green Book are divided into those under the American Jobs Plan and the American Families Plan. Treasury released its Green Book on May 28, providing detailed explanations of the Biden Administration’s revenue proposals related to the Made in America Tax Plan and the American Families Plan. May 28 - General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals - 46 in totalĮxcerpt of press release: The U.S. The Green Book, the colloquial name for the formally titled General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, includes the detailed legislative explanations for these proposals. June 11 - Jared Bernstein, "The Economic Context for President Biden’s Tax Proposals"
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