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.