Congress’s Scorekeeper Releases Biden Budget Provision Estimates

Congress’s tax scorekeeper on Monday released revenue estimates of tax-related provisions in President Joe Biden’s fiscal 2023 budget.

The provisions analyzed in the report would raise $1.7 trillion over 10 years, according to the Joint Committee on Taxation.

Biden’s budget includes a host of proposals to raise taxes on high-income individuals and corporations, including increasing the corporate tax rate to 28% from 21%. These proposals are in addition to provisions to increase taxes that were included the broad economic package that the House passed in November. Senate Democrats are currently discussing a much narrower package that is unlikely to include ...