![]() ![]() Similarly, with respect to corporate taxpayers, the Greenbook would propose an increase in the top corporate rate to 28 percent on top of the House-passed BBBA corporate book income minimum tax. It is important to note that with respect to individual taxpayers, the Greenbook would propose to layer the Billionaire Minimum Income Tax (described below) and increases in the top marginal tax rate and the capital gains/dividends rate on top of the House-passed BBBA surtax on high income individuals (which was included as a substitute for the rate increases proposed in the House Committee on Ways and Means-passed BBBA). How would the Greenbook proposals interact with the Build Back Better Act proposals? Because the Greenbook proposals are in brief, narrative form rather than in proposed legislative language, they do not address many technical issues with respect to their scope, application or operation, including their interaction with the BBBA proposals.Remarkably, the Greenbook assumes that almost all of the revenue proposals contained in the House-passed BBBA have been enacted, noting that the Greenbook proposals are estimated relative to a baseline that incorporates the revenue proposals of the House-passed BBBA (with the exception of the SALT deduction limitation cap relief). ![]() What about the Build Back Better Act (BBBA)? It was reported that the Treasury Department was reluctant to include in the Greenbook revenue proposals contained in the House-passed BBBA out of concern that such inclusion would interfere with the ongoing BBBA negotiations.That being said, Congressional Democrats will certainly give the Administration's proposals weight, and therefore they should be taken seriously, even though their prospects for consideration – particularly in the short-term – are quite remote. Is the Greenbook a legislative proposal that will be considered for enactment by Congress? The Greenbook operates more as an aspirational blueprint or framework for political messaging and strategic purposes rather than an actual legislative proposal with statutory text.Given that the Greenbook generally attracts significant attention from policymakers and taxpayers, it leads us to ask our top 10 questions regarding what the impact of the Greenbook will be on the tax policy landscape. Last week, the Treasury Department released the much-anticipated " General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals," commonly referred to as the Greenbook. ![]()
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