The U.S. Dept. of the Treasury has issued its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, also called the “Greenbook.” It provides an analysis of the revenue proposals included in President Biden’s budget. In a nutshell, the Greenbook estimates that the budget would increase tax revenue by $4.951 trillion over the next 10 years, including more than $2.7 trillion in tax hikes on businesses and nearly $2 trillion on wealthy individuals and estates. Notably, the budget proposes an additional $104.3 billion in funding for the IRS. According to the Greenbook, the additional IRS funding would add $341 billion in new revenues over a 10-year period.
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