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TREASURY GREEN BOOK SHOWS CHANGES IN TAX POLICY GOALS:

TREASURY GREEN BOOK SHOWS CHANGES IN TAX POLICY GOALS:

The Treasury Department has released details of President’s Biden vision for reducing the federal deficit by increasing taxes on wealthy individuals and large corporations.

In its green book explanation of legislative tax proposals in the Biden administration's fiscal 2024 budget, Treasury reintroduced plans from previous proposals, such as the inclusion of a minimum income tax for billionaires and the adoption of an “undertaxed profits” rule to bring the United States closer to compliance with the OECD global tax deal.

The green book also includes language on new tax rules aimed at cryptocurrencies and an elimination of tax preferences for the fossil fuels sector.