CCH has released a new tax briefing analyzing the more than 160 tax proposals contained in President Obama’s $3.9 trillion budget plan.
The Obama administration released its budget blueprint for fiscal year 2015 this month, which includes provisions for expanding a number of tax breaks, including the Earned Income Tax Credit as well as some education and child tax credits, while limiting some tax breaks for the wealthy, such as the carried interest earned by investment managers (see Obama Budget Proposal Includes Tax Provisions).
CCH’s new tax briefing provides an explanation and analysis of potential tax impacts of specific measures, including some comparisons with the tax reform draft legislation released late last month by House Ways and Means Committee chairman Dave Camp, R-Mich.
“While some may argue the plan comes up short on tax breaks for businesses, there are specific proposals that may be appealing, such as a permanent research tax credit and an extension of the Work Opportunity Tax Credit,” said CCH principal federal tax analyst Mark Luscombe in a statement. “The President’s plan also calls for reducing the corporate tax rate, if businesses are willing to give up some tax preferences they currently receive.”
The new Tax Briefing: Fiscal Year (FY) 2015 Budget Proposals is available online, along with other recent tax briefings from CCH analysts on various pieces of tax legislation and proposals at www.CCHGroup.com/Legislation.