Treasury has released the “Green Book” (i.e., the “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals”) for the Biden FYE 2023 Budget.
Click here to see the Green Book.
Editors Note. The Green Book includes discussions of the following proposals:
Income taxation of High Income Taxpayers
Increase the Top Marginal Income Tax Rate for High Earners
Reform the Taxation of Capital Income
Impose a Minimum Income Tax on the Wealthiest Taxpayers
Modify Estate and Gift Taxation
Modify Income, Estate and Gift Tax Rules for Certain Grantor Trusts
Require Consistent Valuation of Promissory Notes
Improve Tax Administration for Trusts and Decedents’ Estates
Limit Duration of Generation-Skipping Transfer Tax Exemption
Close Various Loopholes
Tax Carried (Profits) Interests as Ordinary Income
Repeal Deferral of Gain from Like-Kind Exchanges
Require 100 Percent Recapture of Depreciation Deductions as Ordinary Income for Certain Depreciable Real Property
Limit a Partner’s Deduction in Certain Syndicated Conservation Easement Transactions
Limit Use of Donor Advised Funds to Avoid Private Foundation Payout Requirement
Extend the Period for Assessment of Tax for Certain Qualified Opportunity Fund Investors
Establish an Untaxed Income Account Regime for Certain Small Insurance Companies
Expand Pro Rata Interest Expense Disallowance for Business-Owned Life Insurance
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.
Wealth Strategies Journal 