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FY 2016 Federal Tax proposed budget or 2016 FY budget proposals or Obama tax plan

February 6, 2015 / 1 min read

President Obama released his $3.99 trillion fiscal year federal budget proposals on February 2, 2015.

The proposals encompass provisions affecting taxes for both businesses and individuals, as well as proposed changes to Affordable Care Act requirements, and a brief discussion about possibilities for comprehensive tax reform. We can anticipate debate on some of the following provisions:

Personal

Business

This alert provides a more detailed summary of the Fiscal Year 2016 budget proposals. It includes discussions on the likelihood of enactment for some of these provisions, but the important thing for readers to remember is that this is just the first hand in a poker game that will go on throughout the legislative session. Some cards will be changed, some hands will fold, and any final tax package — if there even is one this year — may bear little resemblance to these proposals.
 

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