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Monday, February 13, 2012

Tax Portions of President Obama's 2013 Budget

President Obama today released his administration's Fiscal Year 2013 Budget (tax receipts and expenditures (chapters 15-17) here):

[T]he President is calling for fundamental reform of the tax system that meets five key principles: (1) Simplify the tax code and lower tax rates; (2) Reform inefficient and unfair tax breaks – including getting rid of subsidies for millionaires that they do not need and ensuring at least as good a deal for middle-class Americans as for wealthy Americans; (3) Decrease the deficit by $1.5 trillion while protecting progressivity; (4) Increase job growth and creation in the United States; and (5) Observe the Buffett rule so that those making over $1 million pay no less than 30 percent of their income in taxes.

To begin the national conversation about tax reform the President is offering a detailed set of specific tax loophole closers and measures to broaden the tax base that, together with the expiration of the high-income tax cuts, would be more than sufficient to hit the $1.5 trillion target for tax reform, pay for tax cuts for the middle class, cut inefficient expenditures, and move the tax system closer to observing the Buffett Rule. They also provide continued tax relief to millions of middle class families. These proposals include eliminating the unwarranted and fiscally irresponsible Bush-era tax cuts for the highest-income families, limiting the value of tax deductions and preferences for the highest-income families, and closing a variety of tax loopholes. The Budget proposals also would expand incentives for lower- and middle-income families to earn income, save for retirement, and attend college – activities that will strengthen the middle class and help to ensure that the United States remains a land of opportunity for all, not just for the most well off.

The Treasury Department released its 208-page Green Book, General Explanations of the Administration’s Fiscal Year 2013 Revenue Proposals. For each of the more than 100 tax policy changes in the President's budget, the Green Book explains the current tax law, the change in tax policy proposed, the reasons for the change and a 10-year revenue estimate for the policy change.

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The President's new budget is out. It's not worth a lot of busy season time, as very little of it... [Read More]

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