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Source: CCH Tax Briefing – Wolter Kluwer: President Obama released a $3.77 billion fiscal year (FY) 2014 federal budget on April 10, 2013, with a mix of individual and business tax proposals intended to raise revenue, reduce spending and encourage negotiations between the White House and the GOP on comprehensive tax reform. President Obama called for a 28 percent cap on itemized deductions, a $3 million limit on tax-preferred retirement savings, a permanent research tax credit, a permanent American Opportunity Tax Credit (AOTC), a change in the taxation of carried interest, and more. President Obama also provided for the first time specifics on the so-called Buffet Rule. Following release of the President’s FY 2014 budget recommendations, the Treasury Department issued its customary “Green Book,” describing the proposals. BeachFleischman has the summary of how these legislative proposals impact you and your business.
Download your copy of the 2014 Federal Budget Proposals
Learn about the impact of the following on you and your business:
- Obama’s proposed budget
- House (GOP) and Senate (Democratic) proposed budgets
- New “Fair Share Tax” on higher income taxpayers
- Limit on accrual of retirement benefits
- Return Estate Tax to 2009 parameters
- 10 percent tax credit for new hires/increased payrolls
- Permanent research tax credit
- House and Senate working groups on tax reform