CCH recently published their Tax Briefing on the Obama Administrations “Green Book” of tax proposals.
The Obama administration released much-anticipated details about its proposed tax cuts and revenue raisers on May 11. The Treasury Department’s General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals (also known as the “Green Book”) describes the administration’s tax agenda, including permanent Making Work Pay, American Opportunity and research credits; a package of international tax reforms; reinstatement of the 36 and 39.6 percent individual marginal income tax rates; expanded information reporting; and automatic enrollment in IRAs.
According to the Treasury, the proposals would generate $736.5 billion in savings for individuals (largely aimed at middle income taxpayers) and $71 billion in long-term savings for businesses. Revenue raisers would bring in roughly $900 billion.
Read the full summary by CCH Tax Brief Stay tuned! I will be posting my thoughts on some of the more relevant proposals in the near future.Posted By Barney Whitlock, CPA