Trusts & Estates: President Biden’s Budget Proposal and Its Impact on Philanthropy

Sara Barba highlights proposed provisions for fiscal year 2024 that donors should be aware of.

April 20, 2023

In early March, President Biden released a budget proposal for fiscal year 2024, the Budget of the U.S. Governmentwhich outlines the administration’s spending and tax priorities. In the proposal and its supplementary materials, including the General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (the 2024 Green Book), the administration took aim at philanthropic vehicles, including family foundations, private foundations (PFs) and donor-advised funds (DAFs). While the budget proposal is simply a wish list of sorts, it does signal priorities of the administration that could be picked up by Democrats in Congress. So, understanding where it’s going and what it means can help inform donors about forthcoming proposed policy changes that could impact their wealth and how they give it away.

It’s important to note the budget proposal isn’t a binding document. However, it’s a message to Congress about what policies the White House will support and even encourage members of Congress to pursue. As we look ahead to the 2024 election, this budget suggests which policies President Biden may focus on during his campaign.

To continue reading, view the article at