HILL TAX BRIEF: Details Due on Biden Budget Tax Hikes, IRS Funds

President Joe Biden’s 2025 budget plan being released Monday will flesh out the ideas for tax hikes on wealthy individuals and corporations that he laid out in his State of the Union address last week.

That budget will be accompanied by the Treasury Department’s annual “Greenbook” of revenue proposals, which should give more details about the president’s proposals to raise the corporate alternative minimum tax to 21%, disallow corporate tax breaks for executive compensation above $1 million, do away with a tax break for corporate jets, and more.

These ideas are likely dead on arrival this year, given that Republicans ...