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Marc Gerson Discusses Biden's FY 2025 Budget in Tax Notes

"Realism, Deficit Concerns Top GOP's Complaints on Biden Budget"

Tax Notes

Marc Gerson, former tax majority counsel to the House of Representatives Committee on Ways and Means, discussed President Biden's fiscal year (FY) 2025 budget proposal in Tax Notes. With discussions on how to make progress with the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) also ongoing in the Senate, plus a January 2025 debt ceiling deadline, several fiscal issues are competing with the 2025 budget for Congress's attention, Gerson said. "It's a combination of all these priorities, and then you have the election hanging over everything," Gerson noted. "That combination of things, I think, makes it really hard to think about what's going to happen with the fiscal year 2025 budget." A largely one-sided budget proposal from a president in an election year isn't surprising, Gerson acknowledged. "It's very much more of a messaging document than a document of proposals that will be considered in the short term, for example."