June 11 -- Jared Bernstein, "The Economic Context for President Biden’s Tax Proposals"
https://www.whitehouse.gov/wp-content/uploads/2021/06/The-Economic-Context-for-President-Bidens-Tax-Proposals-CEA-06-11-21.pdf
May 28 -- General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals -- 46 in total
https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals
Excerpt of press release: The U.S. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration's FY2022 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures previously announced by President Biden, including:
AMERICAN JOBS PLAN
Reform Corporate Taxation:
Raise the Corporate Income Tax Rate to 28 Percent
Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt Income, and Limit Inversions
Reform Taxation of Foreign Fossil Fuel Income
Repeal the Deduction for Foreign-Derived Intangible Income (FDII)
Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule
Limit Foreign Tax Credits from Sales of Hybrid Entities
Restrict Deductions of Excessive Interest of Members of Financial Reporting Groups for Disproportionate Borrowing in the United States
Impose a 15 Percent Minimum Tax on Book Earnings of Large Corporations
Provide Tax Incentives for Locating Jobs and Business Activity in the United States and Remove Tax Deductions for Shipping Jobs Overseas
Support Housing and Infrastructure:
Expand the Low-Income Housing Tax Credit
Provide Neighborhood Homes Investment Tax Credit
Make Permanent the New Markets Tax Credit (NMTC)
Provide Federally Subsidized State and Local Bonds for Infrastructure
Prioritize Clean Energy:
Eliminate Fossil Fuel Tax Preferences
Extend and Enhance Renewable and Alternative Energy Incentives
Provide Tax Credit for Electricity Transmission Investments
Provide Allocated Credit for Electricity Generation from Existing Nuclear Power Facilities
Establish New Tax Credits for Qualifying Advanced Energy Manufacturing
Establish Tax Credits for Heavy- and Medium-Duty Zero Emissions Vehicles
Provide Tax Incentives for Sustainable Aviation Fuel
Provide a Production Tax Credit for Low-Carbon Hydrogen
Extend and Enhance Energy Efficiency and Electrification Incentives
Provide a Disaster Mitigation Tax Credit
Expand and Enhance the Carbon Oxide Sequestration Credit
Extend and Enhance the Electric Vehicle Charging Station Credit
Reinstate Superfund Excise Taxes and Modify Oil Spill Liability Trust Fund Financing
AMERICAN FAMILIES PLAN
Strengthen Taxation of High-Income Taxpayers:
Increase the Top Marginal Income Tax Rate for High Earners
Reform the Taxation of Capital Income
Rationalize Net Investment Income and Self-Employment Contributions Act Taxes
Support Workers, Families, and Economic Security:
Make Permanent the American Rescue Plan Expansion of Premium Tax Credits
Make Permanent the Expansion of the Earned Income Tax Credit (EITC) for Workers Without Qualifying Children
Make Permanent American Rescue Plan Changes to the Child and Dependent Care Tax Credit
Extend the Child Tax Credit Increase Through 2025 and Make Permanent Full Refundability
Increase the Employer-Provided Childcare Tax Credit for Businesses
Close Loopholes:
Tax Carried (Profits) Interests as Ordinary Income
Repeal Deferral of Gain from Like-Kind Exchanges
Make Permanent Excess Business Loss Limitation of Noncorporate Taxpayers
Improve Compliance:
Provide the IRS the Resources to Address Sophisticated Tax Evasion Through Sustained, Multi-Year Mandatory Appropriation
Introduce Comprehensive Financial Account Reporting to Improve Tax Compliance
Improve Tax Administration:
Increase Oversight of Paid Tax Return Preparers
Enhance Accuracy of Tax Information
Expand Broker Information Reporting with Respect to Crypto Assets
Address Taxpayer Noncompliance with Listed Transactions
Modify Tax Administration Rules
Authorize Limited Sharing of Business Tax Return Information to Measure the Economy More Accurately
