Obama Tax Changes
President Obama has released his proposed budget for FY17.
MORE TAXES.
MORE SPENDING.
MORE DEBT.
MORE DEFICITS.
Sure..... why not ????
A wide assortment of changes to tax law have been proposed.
Read about all of them here:
Here are a couple big ones:
Oil tax
The budget proposes a $10.25-per-barrel “fee” on oil. The Office of Management and Budget estimates that this provision would raise $319 billion over 10 years.
The budget proposes a $10.25-per-barrel “fee” on oil. The Office of Management and Budget estimates that this provision would raise $319 billion over 10 years.
Increase in tobacco tax
The budget would increase taxes on tobacco to fund an initiative to expand access to preschool and to expand home visiting programs by nurses, social workers, and other professionals.
The budget would increase taxes on tobacco to fund an initiative to expand access to preschool and to expand home visiting programs by nurses, social workers, and other professionals.
Retirement savings
The proposed budget includes a number of proposals that are designed to increase access to retirement plans and to make portability of retirement savings and benefits easier. These include requiring employers with more than 10 employees that do not offer a retirement plan to automatically enroll their employees in an IRA. Businesses with fewer than 100 employees would get tax credits of up to $4,500 for offering automatic IRA enrollment.
The proposed budget includes a number of proposals that are designed to increase access to retirement plans and to make portability of retirement savings and benefits easier. These include requiring employers with more than 10 employees that do not offer a retirement plan to automatically enroll their employees in an IRA. Businesses with fewer than 100 employees would get tax credits of up to $4,500 for offering automatic IRA enrollment.
Child and dependent care credit
The budget would essentially triple the amount of the child and dependent care credit to $3,000 per child for families with children under the age of 5. It would also increase the phasedown limit so that it does not apply to taxpayers with annual AGI of less than $120,000. (The credit is currently phased down for taxpayers with AGI above $15,000.) However, the budget would also eliminate flexible spending accounts for child care expenses.
The budget would essentially triple the amount of the child and dependent care credit to $3,000 per child for families with children under the age of 5. It would also increase the phasedown limit so that it does not apply to taxpayers with annual AGI of less than $120,000. (The credit is currently phased down for taxpayers with AGI above $15,000.) However, the budget would also eliminate flexible spending accounts for child care expenses.
Out for now.......
Matt
