Thomson Reuters has released a special report focusing on President Obama’s 2015 budget proposal, which includes tax proposals such as the expansion and permanent extension of the Earned Income Tax Credit and the Research Tax Credit, a number of new international tax proposals, and renewed push for pairing infrastructure investments with business tax reform.
The budget also includes a new $56 billion “Opportunity, Growth and Security Initiative,” with suggested spending and tax changes to cover its costs. Obama’s proposals were quickly panned by Republican leaders but could still play a role in Congress’s continuing tax reform efforts.
“While it is uncertain whether any of the President’s tax proposals will become law, it is nonetheless critical for tax professionals to keep abreast of the tax reform debate in order to quickly respond to and comply with possible future changes,” said Thomson Reuters tax analyst Catherine Murray. “Offering expert insight, the report offers guidance and resources to help businesses and individuals prepare for potential tax law changes that could have a significant impact on their bottom line.”
The special report is available at no cost at https://tax.thomsonreuters.com/2015Budget and provides commentary from Thomson Reuters’ tax experts in response to the President’s proposed budget.
Among the administration proposals examined in the report are business tax proposals targeted at closing loopholes, lowering the corporate tax rate, and strengthening investment; proposals to boost U.S. manufacturing and insourcing of jobs to encourage businesses to locate jobs and business activity in the U.S.; proposals to reform the U.S. international tax system; proposed environmental and energy-related provisions; tax changes for individuals proposals; and estate and gift tax proposals, which include returning the estate, generation-skipping transfer, and gift tax exemption and rates to 2009 levels.