U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share

On March 9, 2023, the U.S. Department of the Treasury has released the most recent so-called Green Book which summarizes the Fiscal Year 2024 revenue proposals of the Biden administration. The Green Book typically serves as a guidepost for U.S. legislators in their legislative activities concerning taxation of individuals, corporations, and other businesses.
This year’s Green Book includes revenue (or tax) proposals with the key aim to reduce the national deficit and ensure that high-income individuals and firms „pay their fair share“. Specifically, the budget features additional income stemming from
– an increase in the tax rate on stock repurchases which shall also help „reduce the differential tax treatment between buybacks and dividends“;
– the implementation of the new global minimum taxation framework for large, multi-national corporations;
– the implementation of a new limit as to the interest expenses that may count as expenses for tax treatment purposes; and
– the implementation of a new minimum „billionaires tax“ which would impose a tax rate of at least 25% on the income of high(est)-income individuals.
The detailed budget plans may be found here.