There are more than 160 tax proposals within President Obama’s new $3.9 trillion federal budget proposal, with about 30 that are new or modified from last year’s plan. Central themes focus on renewed calls for expanding child, family and education tax credits, as well as limiting tax preferences for higher-income earners and businesses, while emphasizing tax reform benefitting families and lower-income individuals. CCH, a part of Wolters Kluwer and leading global provider of tax, accounting and audit information, software and services (CCHGroup.com), has issued a new Tax Briefing: Fiscal Year (FY) 2015 Budget Proposals providing clear explanation and analysis on potential tax impacts of specific measures.
“While some may argue the plan comes up short on tax breaks for businesses, there are specific proposals that may be appealing, such as a permanent research tax credit and an extension of the Work Opportunity Tax Credit (WOTC),” said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. “The president’s plan also calls for reducing the corporate tax rate, if businesses are willing to give up some tax preferences they currently receive.”
The new Tax Briefing is available at Fiscal Year (FY) 2015 Budget Proposals or by visiting CCHGroup.com/Legislation where readers may access recent Tax Briefings from Wolters Kluwer, CCH on significant tax law developments.
About CCH, a part of Wolters Kluwer
CCH, a part of Wolters Kluwer (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. Among its market-leading solutions are The ProSystem fx® Suite, CCH Axcess™, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.