The Obama administration released its fiscal year 2017 budget containing a number of tax increases on high-income taxpayers, oil and foreign income, along with tax breaks for the middle class and small businesses, plus a provision giving the Treasury Department the explicit authority to regulate all paid tax preparers.

Among the changes proposed for reforming the international tax system, the budget plan would impose a 19-percent minimum tax on foreign income, impose a 14 percent one-time tax on previously untaxed foreign income, and limit the ability of domestic entities to expatriate.

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