Tax Insight

Trump administration announces FY 2027 budget priorities

Insight
5 minute read
April 03, 2026

In brief

The White House Office of Management and Budget on April 3, 2026 released the fiscal year (FY) 2027 budget of President Donald J. Trump. A set of budget fact sheets note proposals to Congress that include reducing federal non-defense spending by $73 billion, increasing defense spending by $500 billion, and eliminating funding for the “globalist climate agenda.” The President’s FY 2027 budget does not include any new tax legislative proposals for Congress to consider this year but does propose reducing the IRS budget by $1.4 billion (to $9.8 billion) from the $11.2 billion FY 2026 funding level approved earlier this year by Congress.