Thursday, March 22, 2012
Tax Policy Center, Tax Proposals in the 2013 Budget:
The Tax Policy Center has released a resource guide to the tax provisions of President Obama's 2013 Budget. The guide includes descriptions of the proposals, links to more detailed commentary on key provisions, and a new TPC distributional analysis of the overall proposal as well as major elements of the plan.
The guide includes information about both the individual and business provisions of the revenue section of the budget. It also provides analysis of proposed changes in the estate tax.
The distributional analysis shows that, compared to current law, about three-fourths of taxpayers would get a tax cut under the Obama plan. Measured against a current policy baseline—continuing the temporary tax cuts in place in 2012, maintaining the estate tax at its 2009 level, and indexing 2011 parameters of the alternative minimum tax—about one-sixth of tax units would see their taxes go down in 2013 while roughly a third would face higher taxes.