Fy 2023 là gì
This tax policy alert includes an overview of the Budget, key takeaways on various revenue proposals, and a summary of the revenue proposals included in the Green Book. Click here for a summary of tax proposals in the Green Book. Budget OverviewOn Monday, March 28, the Biden administration released its $5.8 trillion fiscal year (FY) 2023 budget request (“Budget”) and various accompanying documents. This includes the Green Book, which provides cost estimates and descriptions for the revenue proposals in the Budget prepared by the Department of the Treasury. The Budget includes new tax increases and other measures that are intended to reduce federal deficits by $1 trillion over 10 years. It also contains $813 billion in proposed defense discretionary spending and about $769 billion in non-defense discretionary spending. Below is an overview of key numbers in the president’s Budget.
Key Takeaways
[L]egislation that: cuts costs for prescription drugs, health care premiums, child care, long-term care, housing, and college, including tuition-free community college and expanded support for Historically Black Colleges and Universities (HBCUs), Tribally Controlled Colleges and Universities (TCCUs), and Minority-Serving Institutions (MSIs); reduces energy costs by combatting climate change and accelerating the transition to a clean energy economy while creating good-paying jobs for American workers; supports families with access to free, high-quality preschool and paid family and medical leave and by continuing the enhanced Child Tax Credit and earned Income Tax Credit; and provides health coverage to millions of uninsured Americans. The administration has indicated that this approach is intended to ensure that the Budget does not interfere with congressional negotiations by choosing among House-passed BBBA proposals. In recent weeks, Sen. Joe Manchin (D-WV) has made clear that he is likely to support only a narrow deal that includes climate-change and energy provisions, various revenue raisers and drug-pricing reform. On the latter two priorities, Sen. Kyrsten Sinema (D-AZ) has noted her opposition to certain proposals Manchin has put back on the table. It is unclear if a deal will come together.
Click here for a full breakdown of the Biden administration’s FY 2023 Budget request. Internal Revenue ServiceThe Budget requests $14.1 billion for the Internal Revenue Service (IRS), a $1.5 billion or a nearly 12% increase over its FY 2022 enacted level. It specifically requests additional resources to improve taxpayer experience, expand customer service outreach to underserved communities, accelerate the development of new digital tools to enable better communication between taxpayers and the IRS, and facilitate more effective oversight of high-income and corporate tax returns. The Budget is intended to support the IRS’ key strategic priorities, which include:
Next StepsThe Budget kicks off congressional negotiations over FY 2023 spending legislation. The first step in that process will begin this week when the congressional budget committees hear testimony from Office of Management and Budget (OMB) Director Shalanda Young. Below is the full list of Budget-related hearings that have been announced to date:
Click here for a full breakdown of the Biden administration’s FY 2023 Budget request. THIS DOCUMENT IS INTENDED TO PROVIDE YOU WITH GENERAL INFORMATION REGARDING THE EFFECTS OF PRESIDENT JOE BIDEN'S BUDGET ON TAX POLICY. THE CONTENTS OF THIS DOCUMENT ARE NOT INTENDED TO PROVIDE SPECIFIC LEGAL ADVICE. IF YOU HAVE ANY QUESTIONS ABOUT THE CONTENTS OF THIS DOCUMENT OR IF YOU NEED LEGAL ADVICE AS TO AN ISSUE, PLEASE CONTACT THE ATTORNEYS LISTED OR YOUR REGULAR BROWNSTEIN HYATT FARBER SCHRECK, LLP ATTORNEY. THIS COMMUNICATION MAY BE CONSIDERED ADVERTISING IN SOME JURISDICTIONSRecent Insights |