On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax proposals in the budget along with associated revenue estimates.

For FY2024, the Budget would result in an estimated federal deficit of approximately $1.8 trillion—an increase of more than 30% compared to FY2023 levels. The Budget also proposes $880 billion for defense and approximately $992 billion for non-defense discretionary spending. To improve tax administration and enforcement, the Budget recommends $14.1 billion for the Internal Revenue Service (IRS), a $1.8 billion or nearly 15% increase over the FY2023 enacted funding.