President Biden’s Budget Proposal and Its Impact on PhilanthropyPresident Biden’s Budget Proposal and Its Impact on Philanthropy

In early March, President Biden released a budget proposal for fiscal year 2024, the Budget of the U.S. Government, which 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 propose...