Jan 17, 2025 · In CBO’s projections, the federal budget deficit is $1.9 trillion this year, and federal debt rises to 118 percent of GDP in 2035. Economic growth slows and inflation declines over the next two years; both remain moderate after 2026.

The Budget and Economic Outlook: 2025 to 2035 The Congressional Budget Office regularly publishes reports presenting its baseline projections of what the federal budget and the economy would look like in the current year and over the next 10 years if laws governing taxes and spending generally remained unchanged. This report is the latest in that series, presented in an abbreviated version to ...

Jun 21, 2024 · By raising marginal tax rates on investment, saving, and work, we find Biden’s FY 2025 budget would reduce long-run economic output by 1.6 percent, wages by 1.1 percent, and employment by 666,000 full-time equivalent jobs.

Mar 11, 2024 · WASHINGTON—Today, the U.S. Department of the Treasury released the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, or “Greenbook,” to explain the revenue proposals included in President Joe Biden’s budget.

6 days ago · The Tax Cuts and Jobs Act of 2017 sunsets in 2025, and a new overhaul is expected. The Trump administration hopes to make key tax policy changes for both individuals and corporations, including ...

19 hours ago · Amid a bruising battle with Florida lawmakers over immigration policy, Florida Gov. Ron DeSantis quietly released his proposed $115.6 billion state budget for 2025-26 online late Sunday, eschewing ...

Dec 30, 2024 · Explore potential tax law changes like TCJA extensions from the new Trump administration and some of the key IRS adjustments for 2025.

Jan 15, 2025 · This is the baseline that CBO is required to use when presenting budget projections to Congress or when estimating the cost of new legislation. An example: Congress passes a tax cut valued at $10 billion per year starting in 2025, and schedules it to expire in 2030.

New tax proposals in the FY 2025 budget include measures to increase the recently enacted corporate alternative minimum tax rate from 15% to 21% and to deny business deductions for employee compensation above $1 million.

Jun 7, 2023 · All of the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025. Among the changes: Individual income tax rates will revert to their 2017 …