On May 12, 2009, the Treasury Department released President Obama’s fiscal 2010 tax and revenue proposals in a lengthy book with a green cover. Accordingly, everyone is calling the list of proposals, the “Green Book.” President Obama did not desire to raise taxes during the worst recession in the last 80 years. As a result, most of the revenue proposals would not be effective until 2011, when the current economic crisis is expected to abate. The Green Book proposals have yet to be introduced as formal legislation. The current political climate and President Obama’s extraordinary popularity make the introduction and passage of the bulk of the proposals extremely likely. In a guest article, Mark Leeds and Diana Davis, Shareholder and Counsel, respectively, at Greenberg Traurig LLP, discuss in detail the Green Book, and its potential implications for hedge funds and their managers.