The White House released a fiscal year 2022 Budget Blueprint on 28 May 2021. Until the release of this blueprint, President Biden had addressed the proposed US tax changes that formed part of the “Made in America Tax Plan” in only a very general way. However, the blueprint includes a “Green Book”, which provides more granular details from the Treasury Department on how the tax proposals would operate – including their effective dates and projected impact on federal revenues. All told, the administration projects that its tax proposals would generate a net increase in federal tax receipts of nearly $2.4 trillion between 2022 and 2031.
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