Biden’s FY2025 budget: What’s included, and what does it mean?

Biden’s FY2025 budget: What’s included, and what does it mean?

Following the release of Biden’s budget, the burning question on everyone’s mind is, “Are any of these policies likely to pass?” While the budget serves as a short-term governance blueprint, it mainly establishes campaign priorities for a potential second term for the administration. However, many proposals within could significantly influence Congress’s decisions on the remainder of the FY2024 budget. In this episode, Tax Policy leaders Jon Traub and Anna Taylor guide us through the proposed tax policies, provide insights into the outstanding tasks in the FY2024 budget, and explore possible impacts for the tax community:

Half of the FY2024 bills still need approval, especially to prevent a government shutdown. For tax, there’s hope that Senate Republicans’ objections to the House bills extending bonus depreciation and the child tax credit could be resolved by next week, potentially being included in the next spending package. If not, they may be considered separately in the Senate. Stay tuned for further updates on the tax front in the weeks ahead.

—Anna Taylor

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