Obama Releases 2015 Budget Proposals

President Obama recently unveiled his $3.9 trillion FY 2015 budget proposals, with an emphasis on passing tax reform for families and lower income individuals.  Highlights of the budget proposals include:

  •  Limitations on deductions for higher incomes
  • Tax carried interest as ordinary income
  • Reproposed “Buffet rule”
  • Enhanced Code Sec. 179 expensing
  • Limitations on like-kind exchanges of real property
  • International tax reforms
  • Staggered filing deadlines
  • “Correctable Error” authority for IRS

Download a special report on the budget proposals here.