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.
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