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US FY2024 Budget includes few new international tax proposals, largely reprising proposals from prior budgets

20 March 2023

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Tax Alerts, National/Federal Taxation, OECD, Legislation & Policy

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United States

The international tax proposals in the Biden Administration's FY 2024 Budget come largely from prior-year budgets.While the prospects for enactment are dim this year, taxpayers should familiarize themselves with these proposals in case they appear as revenue offsets in later legislation.In its FY2024 explanation of the Biden Administration's revenue proposals (Greenbook), the United States (US) Treasury offers a few new international tax proposals as part of the administration's FY 2024 Budget (Budget). Most proposals in this year's Budget appeared in prior budget proposals or proposed legislation. The international tax proposals would:Raise the corporate income tax rate to 28% and limit...