Biden Administration’s budget proposals for FY 2022

Policy priorities and recommendations to Congress for spending and taxation for the fiscal year that begins October 1, 2021

Policy priorities and recommendations to Congress for spending and taxation

KPMG observation

Following the release of the Biden Administration's budget recommendations for FY 2022 (as described below), KPMG produced a 118-page analysis of the tax provisions in the “Green Book.”

Read KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2022 budget [PDF 1.4 MB] (May 31, 2021)

The Biden Administration today transmitted to Congress its budget recommendations for fiscal year (FY) 2022.

An administration’s budget reflects the policy priorities of the administration and includes its recommendations to Congress for spending and taxation for the fiscal year that begins October 1, 2021. Congress decides whether to implement those recommendations, and the congressional budgets may diverge substantially from the administration’s recommendations.

Overview of budget process

The budget process begins with the submission of the president’s budget proposal (submitted today by the Biden Administration).

The next step is for the House and Senate each to consider a budget resolution—an internal directive providing guidance to congressional committees as they write legislation implementing the coming year’s budget. This resolution typically is initiated in the budget committee of each chamber. 

Treasury “Green Book” expected shortly

Now that the FY 2022 budget proposals have been released, the U.S. Treasury Department is soon expected to release the “Green Book”—its explanation of the tax proposals in the administration’s FY 2022 budget.

 

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