Green Book Issued for Biden FYE 2023 Budget (March 28, 2022)

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.

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