RIVERWOODS, Ill., April 12, 2013 /PRNewswire/ -- President Obama released a $3.77 billion fiscal year 2014 federal budget on April 10, including approximately 160 tax provisions and a mix of individual and business tax proposals intended to raise revenue, reduce spending and encourage negotiations between the White House and the GOP on comprehensive tax reform. CCH has published a new Tax Briefing: Fiscal Year 2014 Budget Proposals, which provides a summary and analysis of the proposal, as well as competing House and Senate proposals, which were released earlier. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
The President's proposal calls for a 28-percent cap on itemized deductions, a $3 million limit on tax-preferred retirement savings, a permanent research tax credit, a permanent American Opportunity Tax Credit (AOTC), a change in the taxation of carried interest, and more. President Obama also provided for the first time specifics on the so-called Buffet Rule. Following release of the President's FY 2014 budget recommendations, the Treasury Department issued its customary "Green Book," describing the proposals.
"It's important to note that all budgets now on the table – from the White House, the House and the Senate – put tax reform forward as a principal theme," said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. "And while tax reform has become a very popular phrase in Washington lately, it also presents massive challenges before a bipartisan path to enactment may be found."
But, Luscombe adds, it also presents a significant catalyst for compromise through which efforts toward finding a "simpler and fairer" system are shared by both parties.
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CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company.
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