REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

REFORM BUSINESS TAXATION:

Raise the corporate income tax rate to 28 percent 89,130 137,068 126,786 125,160 129,655 137,689 137,514 133,428 133,851 131,646 132,962 656,358 1,325,759

3,934 20,266 20,364 21,243 22,143 23,059 24,016 25,031 26,111 27,247 28,429 107,075 237,909

0 69 110 123 129 136 144 152 161 169 178 567 1,3710 250 741 1,451 2,295 3,212 4,176 5,178 6,214 7,299 8,399 7,949 39,2150 299 507 522 538 554 570 587 605 623 642 2,420 5,4470 3,442 5,893 6,150 6,408 6,670 6,905 7,083 7,195 7,270 7,336 28,563 64,3520 370 541 556 569 579 586 592 595 598 600 2,615 5,5860 0 1,185 2,241 2,519 12,571 14,373 10,268 9,533 9,371 9,282 18,516 71,3430 2,328 792 163 1,491 2,259 1,932 1,544 1,237 1,211 1,271 7,033 14,228

Subtotal, Reform Business Taxation 93,064 164,092 156,919 157,609 165,747 186,729 190,216 183,863 185,502 185,434 189,099 831,096 1,765,210

REFORM INTERNATIONAL TAXATION:

18,461 44,951 55,091 48,450 43,750 44,943 46,935 49,007 51,154 53,378 55,682 237,185 493,341

0 0 40,219 66,414 66,022 65,205 63,540 62,897 62,360 61,559 60,821 237,860 549,037

0 9,800 16,627 12,619 9,994 10,294 10,602 10,920 11,248 11,585 11,932 59,334 115,6210 -9,800 -16,627 -12,619 -9,994 -10,294 -10,602 -10,920 -11,248 -11,585 -11,932 -59,334 -115,621

Subtotal, Repeal the deduction for foreign-derived intangible income 00000000000 0 0

0 166 294 320 344 366 388 408 427 446 465 1,490 3,624

Increase the excise tax rate on repurchase of corporate stock

negligible revenue effect

Tax corporate distributions as dividendsLimit tax avoidance through inappropriate leveraging of parties to divisive reorganizationsLimit losses recognized in liquidation transactionsPrevent basis shifting by related parties through partnershipsConform definition of "control" with corporate affiliation testStrengthen limitation on losses for noncorporate taxpayersAccelerate and tighten rules on excess employee remunerationPrevent prison facility rent payments from contributing to qualification as a REITRevise the global minimum tax regime, limit inversions, and make related reformsAdopt the undertaxed profits ruleRepeal the deduction for foreign-derived intangible income:

Provide additional support for research and experimentation expenditures

Revise the rules that allocate Subpart F income and GILTI between taxpayers to ensure that Subpart F income and GILTI are fully taxed

Repeal the deduction for foreign-derived intangible income

211 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

0 190 321 331 341 351 362 373 384 395 407 1,534 3,4550 315 492 445 410 384 365 350 340 333 328 2,046 3,7620 2,609 4,316 4,193 4,078 4,073 4,167 4,280 4,389 4,514 4,657 19,269 41,2760 4 9 9 9 9 10 10 10 10 10 40 900 0 1 1 2 2 2 2 2 2 2 6 16

0 138 243 261 278 299 318 334 351 369 388 1,219 2,9790 2,932 5,148 5,541 5,902 6,344 6,732 7,073 7,443 7,814 8,215 25,867 63,144

Subtotal, Reform taxation of foreign fossil fuel income 0 3,070 5,391 5,802 6,180 6,643 7,050 7,407 7,794 8,183 8,603 27,086 66,123

0 -11 -12 -12 -13 -13 -14 -14 -15 -15 -16 -61 -1350 11 12 12 13 13 14 14 15 15 16 61 135

Subtotal, Provide tax incentives for locating jobs and business activity in the United States and remove tax deductions for shipping jobs overseas 00000000000 0 0

Subtotal, Reform International Taxation 18,461 51,305 106,134 125,965 121,136 121,976 122,819 124,734 126,860 128,820 130,975 526,516 1,160,724

SUPPORT HOUSING AND URBAN DEVELOPMENT:

0 0 0 -97 -278 -483 -716 -990 -1,290 -1,602 -1,792 -858 -7,2480 -18 -142 -534 -1,213 -1,894 -2,284 -2,391 -2,375 -2,351 -2,362 -3,801 -15,5640 -38 -192 -549 -1,198 -2,041 -2,944 -3,872 -4,823 -5,799 -6,803 -4,018 -28,2590 -56 -334 -1,180 -2,689 -4,418 -5,944 -7,253 -8,488 -9,752 -10,957 -8,677 -51,071

Expand access to retroactive qualified electing fund elections

Subtotal, Support Housing and Urban Development

Provide tax incentives for locating jobs and business activity in the United States and remove tax deductions for shipping jobs overseas:

Provide tax credit for inshoring jobs to the United States

Make permanent the new markets tax credit

Remove tax deductions for shipping jobs overseas

Eliminate exploited mismatch in calculation of earnings and profits of controlled foreign corporationsLimit foreign tax credits from sale of hybrid entitiesRestrict deductions of excessive interest of members of financial reporting groupsTreat payments substituting for partnership effectively connected income as U.S. source dividendsReform taxation of foreign fossil fuel income:Provide a neighborhood homes creditExpand and enhance the low-income housing credit

Modify foreign oil and gas extraction income and foreign oil related income rulesModify tax rule for dual capacity taxpayers

212 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

MODIFY ENERGY TAXES:

Eliminate fossil fuel tax preferences:

0 1,369 2,003 1,591 1,122 599 394 383 366 337 328 6,684 8,492

included in repeal enhanced oil recovery credit

0 5 9 9 8 8 8 8 7 7 7 39 760 1,118 1,144 1,203 1,279 1,357 1,426 1,489 1,554 1,616 1,675 6,101 13,8610 51 187 320 359 353 345 336 324 301 271 1,270 2,8470 113 166 131 93 50 32 32 31 28 27 553 7030 78 77 78 79 81 83 86 87 89 91 393 8290 26 54 57 62 64 66 69 71 73 75 263 6170 0 0 0 0 0 80 159 199 236 271 0 9450 110 153 157 163 170 176 180 185 191 195 753 1,6800 13 32 50 66 82 96 110 108 98 86 243 741

Subtotal, Eliminate fossil fuel tax preferences 0 2,883 3,825 3,596 3,231 2,764 2,706 2,852 2,932 2,976 3,026 16,299 30,791

0 163 220 223 225 229 231 233 236 240 242 1,060 2,242

Impose digital asset mining energy excise tax 0 74 199 327 385 394 405 415 425 435 444 1,379 3,503

Repeal the enhanced oil recovery credit for eligible costs attributable to a qualified enhanced oil recovery projectRepeal the credit for oil and natural gas produced from marginal wellsRepeal the expensing of intangible drilling costsRepeal the deduction for costs paid or incurred for any qualified tertiary injectant used as part of tertiary recovery methodRepeal the exception to passive loss limitations provided to working interests in oil and natural gas propertiesRepeal the use of percentage depletion with respect to oil and gas wellsIncrease geological and geophysical amortization period for independent producersRepeal expensing of exploration and development costs Repeal percentage depletion for hard mineral fossil fuelsRepeal capital gains treatment for royaltiesRepeal the exemption from the corporate income tax for fossil fuel publicly traded partnershipsRepeal the Oil Spill Liability Trust Fund and Superfund excise tax exemption for crude oil derived from bitumen and kerogen-rich rockRepeal accelerated amortization of air pollution control equipmentSubtotal, Modify Energy Taxes 0 3,120 4,244 4,146 3,841 3,387 3,342 3,500 3,593 3,651 3,712 18,738 36,536

Eliminate drawbacks on petroleum taxes that finance the Oil Spill Liability Trust Fund and Superfund

no revenue effectno revenue effect

213 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

12,342 22,839 26,245 27,381 28,606 30,298 31,589 33,004 34,162 35,348 36,472 135,369 305,94414,891 29,627 28,282 27,872 30,074 32,494 34,525 36,772 39,104 41,532 44,089 148,349 344,37120,063 53,029 52,206 28,716 11,963 12,757 13,571 14,422 15,271 16,191 17,137 158,671 235,263

Reform the taxation of capital income 0 2,306 13,211 19,230 21,135 22,086 23,205 24,600 26,066 27,455 34,561 77,968 213,855

0 0 43,698 48,977 51,620 52,507 52,093 51,533 46,084 43,616 46,481 196,802 436,609

47,296 107,801 163,642 152,176 143,398 150,142 154,983 160,331 160,687 164,142 178,740 717,159 1,536,042

0 6,633 5,887 3,266 1,915 1,231 898 749 699 702 734 18,932 22,7140 6,633 5,887 3,266 1,915 1,231 898 749 699 702 734 18,932 22,714

-5,843 -259,273 -74,899 -7,864 -9,432 -12,166 -12,520 -12,792 -13,038 -13,370 -13,802 -363,634 -429,156

-378 -13,940 -14,997 -15,354 -15,650 -15,774 -15,959 -16,027 -16,088 -16,126 -16,130 -75,715 -156,045

0 0 0 -14,791 -20,253 -21,057 -21,518 -20,618 -21,020 -22,098 -23,281 -56,101 -164,6360 0 -1,011 -1,979 -1,704 -1,655 -1,639 -1,623 -1,602 -1,594 -1,582 -6,349 -14,3890 0 0 -1 -11 -25 -164 -180 -197 -215 -235 -37 -1,0280 -41 -63 -71 -78 -82 -85 -87 -89 -92 -94 -335 -782

MODIFY RULES RELATING TO RETIREMENT PLANS:SUPPORT WORKERS, FAMILIES, AND ECONOMIC SECURITY:

Apply the net investment income tax to pass-through business income of high-income taxpayersIncrease the net investment income tax rate and additional Medicare tax rate for high-income taxpayersPrevent excessive accumulations by high-income taxpayers in tax-favored retirement accounts and make other reformsExpand the child credit, and make permanent full refundability and advanceability 3/Restore and make permanent the American Rescue Plan expansion of the earned income tax credit for workers without qualifying children 3/Make permanent the Inflation Reduction Act expansion of health insurance premium tax credits 3/Make the adoption tax credit refundable and allow certain guardianship arrangements to qualify 3/Extend tax-preferred treatment to certain Federal and tribal scholarship and education loan programs

Subtotal, Modify Rules Relating to Retirement Plans

Increase the top marginal income tax rate for highincome earnersImpose a minimum income tax on the wealthiest taxpayers

STRENGTHEN TAXATION OF HIGH-INCOME TAXPAYERS:

Make permanent the income exclusion for forgiven student debt 3/

Subtotal, Strengthen Taxation of High-Income Taxpayers

214 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

0 -17 -35 -35 -36 -38 -39 -39 -39 -40 -40 -161 -3580 65 134 86 27 17 13 9 8 5 4 329 368

-6,221 -273,206 -90,871 -40,009 -47,137 -50,780 -51,911 -51,357 -52,065 -53,530 -55,160 -502,003 -766,026

MODIFY ESTATE AND GIFT TAXATION:

0 -3 1 1 -9 -5 -5 -1 5 12 21 -15 170 1,052 3,157 3,710 4,999 6,506 8,480 6,063 8,480 10,343 12,355 19,424 65,145

Revise rules for valuation of certain property 0 279 789 918 1,107 1,299 1,356 1,466 1,571 1,700 1,829 4,392 12,314

0 1,328 3,947 4,629 6,097 7,800 9,831 7,528 10,056 12,055 14,205 23,801 77,476

CLOSE LOOPHOLES:

Tax carried (profits) interests as ordinary income 0 398 662 661 659 657 664 677 691 705 719 3,037 6,493Repeal deferral of gain from like-kind exchanges 0 642 1,765 1,818 1,873 1,929 1,986 2,047 2,107 2,171 2,236 8,027 18,574

0 39 120 249 389 540 704 881 1,073 1,279 1,502 1,337 6,7760 20 19 13 8 4 3 4 4 4 4 64 8301211110000 6 70 5 15 18 15 11 10 8 6 2 0 64 900 245 797 873 975 1,046 1,109 1,171 1,228 1,302 1,383 3,936 10,1290 557 561 583 615 643 673 704 737 768 803 2,959 6,64424000000000 4 4

Increase the employer-provided childcare tax credit for businessesImprove the 

Require 100 percent recapture of depreciation deductions as ordinary income for certain depreciable real propertyLimit use of donor advised funds to avoid a private foundation payout requirementExclude payments to disqualified persons from counting toward private foundation payout requirementExtend the period for assessment of tax for certain Qualified Opportunity Fund investorsImpose ownership diversification requirement for small insurance company election

design of the work opportunity tax 

credit to promote longer-term employment

Subtotal, Support Workers, Families, and Economic Security

Modify income, estate, gift, and generation-skipping transfer tax rules for certain trusts

Subtotal, Modify Estate and Gift Taxation

Improve tax administration for trusts and decedents' estatesLimit duration of generation-skipping transfer tax exemptionExpand pro rata interest expense disallowance for business-owned life insuranceModify rules for insurance products that fail the statutory definition of a life insurance contract

no revenue effect

215 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

0 65 97 101 100 73 55 48 41 37 33 436 6500 4 8 10 12 14 16 19 21 23 26 48 1532 1,980 4,046 4,327 4,647 4,918 5,221 5,559 5,908 6,291 6,706 19,918 49,603

IMPROVE TAX ADMINISTRATION:

Enhance accuracy of tax information:

0 40 91 155 211 221 231 241 252 263 288 718 1,993

Subtotal, Enhance accuracy of tax information 0 40 91 155 211 221 231 241 252 263 288 718 1,993

0 -5 -5 -5 -6 -6 -7 -7 -7 -7 -8 -27 -630 134 136 138 144 145 157 153 159 166 174 697 1,5060 6 14 9 2 2 2 2 2 2 2 33 430 -1 -2 -2 -2 -2 -2 -2 -2 -2 -3 -9 -200 -10 -29 -31 -34 -34 -34 -35 -35 -36 -40 -138 -3182 2 2 2 2 2 2 2 2 2 2 10 202 166 207 266 317 328 349 354 371 388 415 1,284 3,161

Expand the Secretary's authority to require electronic filing for forms and returnsImprove information reporting for reportable payments subject to backup withholdingSubtotal, Improve Tax Administration

Amend the centralized partnership audit regime to permit the carryover of a reduction in tax that exceeds a partner’s tax liabilityModify requisite supervisory approval of penalty included in notice

negligible revenue effect

Correct drafting errors in the taxation of insurance companies under the Tax Cuts and Jobs Act of 2017Define the term “ultimate purchaser” for purposes of diesel fuel exportation

Subtotal, Close Loopholes

negligible revenue effectnegligible revenue effect

Modify the requirement that general counsel review certain offers in compromiseIncorporate chapters 2/2A in centralized partnership audit regime proceedingsSimplify foreign exchange gain or loss rules and exchange rate rules for individualsIncrease threshold for simplified foreign tax credit rules and reportingAuthorize limited sharing of business tax return information to measure the economy more accuratelyExpand TIN matching and improve child support enforcementClarify that information previously disclosed in a judicial or administrative proceeding is not return information

no revenue effect

216 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

IMPROVE TAX COMPLIANCE:

0 23 52 66 79 78 76 74 73 72 70 298 6630 457 477 498 519 540 563 587 613 639 667 2,491 5,560

Subtotal, Address taxpayer noncompliance with listed transactions 0 480 529 564 598 618 639 661 686 711 737 2,789 6,223

0 7 9 11 12 12 14 14 15 16 16 51 1260 198 207 217 226 237 247 258 270 283 295 1,085 2,4380 3 39 118 96 13 0 0 0 0 0 269 269

0 25 49 68 84 94 95 95 96 93 94 320 7930 37 50 47 47 51 56 62 66 73 79 232 568

Subtotal, Expand and increase penalties for noncompliant return preparation and e-filing and authorize IRS oversight of paid preparers 0 62 99 115 131 145 151 157 162 166 173 552 1,361

0 0 1 2 3 4 5 5 4 4 4 10 320 750 884 1,027 1,066 1,029 1,056 1,095 1,137 1,180 1,225 4,756 10,449

Extend to six years the statute of limitations for certain tax assessments negligible revenue effectAddress taxpayer noncompliance with listed transactions:Increase the statute of limitations on assessment of the COVID-related paid leave and employee retention tax credits 3/Expand and increase penalties for noncompliant return preparation and e-filing and authorize IRS oversight of paid preparers:

Expand and increase penalties for return preparation and e-filing 3/Grant authority to IRS for oversight of all paid preparers 3/

Address compliance in connection with tax responsibilities of expatriatesDefine control of the payment of wage

Extend statute of limitations for listed transactionsImpose liability on shareholders to collect unpaid income taxes of applicable corporations

Impose an affirmative requirement to disclose a position contrary to a regulationRequire employers to withhold tax on failed nonqualified deferred compensation plans

Subtotal, Improve Tax Compliance

negligible revenue effect

217 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

0 1,240 1,629 1,743 2,098 2,256 2,459 2,710 2,909 3,126 3,351 8,966 23,5210 0 0 90 157 167 178 188 200 215 227 414 1,4220 37 75 141 165 176 187 198 211 226 239 594 1,6550 3,634 99 109 120 132 146 160 176 194 213 4,094 4,9830 4,911 1,803 2,083 2,540 2,731 2,970 3,256 3,496 3,761 4,030 14,068 31,581

IMPROVE BENEFITS TAX ADMINISTRATION:

0 0 0 0 0 0 0 0 0 61,425 72,721 0 134,1460 0 0 0 0 0 0 0 0 61,425 72,721 0 134,146

152,604 68,824 356,508 414,305 400,878 425,073 433,830 432,359 437,756 504,567 536,445 1,665,588 4,010,545152,714 315,738 509,254 472,988 439,153 463,151 472,613 471,076 476,852 544,341 576,998 2,200,284 4,742,164

-110 -246,914 -152,746 -58,683 -38,275 -38,078 -38,783 -38,717 -39,096 -39,774 -40,553 -534,696 -731,619

MODERNIZE RULES, INCLUDING THOSE FOR DIGITAL ASSETS:

EXTEND IRS FUNDING:TOTAL, ADMINISTRATION'S FISCAL 2024 REVENUE PROPOSALS:

Extend mandatory funding provided to the IRS for fiscal years 2032 and 2033

Subtotal, Extend IRS Funding

Total, receipt effectTotal, outlay effect

no revenue effect

Subtotal, Improve Benefits Tax Administration negligible revenue effectSubtotal, Modernize Rules, Including Those for Digital Assets

Clarify tax treatment of fixed indemnity health policiesRationalize funding for post-retirement medical and life insurance benefitsClarify tax treatment of on-demand pay arrangements

negligible revenue effectnegligible revenue effect

Provide for information reporting by certain financial institutions and digital asset brokers for purposes of exchange of informationRequire reporting by certain taxpayers of foreign digital asset accountsAmend the mark-to-market rules to include digital assets

negligible revenue effect

Apply the wash sale rules to digital assets and address related party transactionsModernize rules treating loans of securities as taxfree to include other asset classes and address income inclusion

218 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals 
REVENUE ESTIMATES OF THE ADMINISTRATION'S FISCAL YEAR 2024 REVENUE PROPOSALS 1/2/

(fiscal years, in millions of dollars)

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2024-28 2024-33

NOTES:

Expand the child credit, and make permanent full refundability and advanceability -108 -234,552 -138,503 -33,455 -9,700 -8,901 -8,990 -8,997 -8,934 -8,926 -8,989 -425,111 -469,947Restore and make permanent the American Rescue Plan expansion of the earned income tax credit for workers without qualifying children -2 -12,396 -13,322 -13,546 -13,527 -13,676 -13,875 -13,980 -14,064 -14,130 -14,178 -66,467 -136,694Make permanent the Inflation Reduction Act expansion of health insurance premium tax credits 0 0 0 -9,904 -13,533 -13,955 -14,352 -14,192 -14,572 -15,199 -15,879 -37,392 -111,586Make the adoption tax credit refundable and allow certain guardianship arrangements to qualify 0 0 -1,000 -1,937 -1,661 -1,608 -1,591 -1,575 -1,553 -1,544 -1,532 -6,206 -14,001Make permanent the income exclusion for forgiven student debt 0 0 0 0 -1 -1 -19 -19 -20 -22 -24 -2 -106Increase the statute of limitations on assessment of the COVID-related paid leave and employee retention tax credits 0 2 35 119 108 21 0 0 0 0 0 285 285Expand and increase penalties for return preparation and e-filing 0 9 15 18 20 22 22 22 22 19 19 84 188Grant authority to IRS for oversight of all paid preparers 0 23 29 22 19 20 22 24 25 28 30 113 242

1. Presentation in this table does not necessarily reflect the order in which these proposals were estimated.2. The FY 2024 Budget includes additional receipts effects from the proposals to: require coverage of three primary care visits and three behavioral visits without cost-sharing, improve

access to behavioral healthcare in the private insurance market, extend surprise billing protections to ground ambulances, reduce insulin cost-sharing in commercial plans, establish auser fee for the Electronic Visa Update System, increase civil monetary penalties for labor law violations, and improve Unemployment Insurance program integrity.

3. These proposals affect both receipts and outlays. Both effects are shown above. The outlay effects included in these estimates are listed below.

219 

General Explanation of the Administration's Fiscal Year 2024 Revenue Proposals