Tax alert: President Obama lays out tax plans in FY 2017 budget proposals
On February 9, President Obama released the fiscal year (FY) 2017 federal government budget. The budget contains new, modified, and renewed tax proposals, and calls for:
- Expanding middle-income tax incentives.
- Tweaking the Affordable Care Act’s excise tax on high dollar health plans and net investment income (NII) tax.
- Imposing a fee on oil to fund infrastructure spending.
- Renewing tax proposals from previous budgets, particularly in the international and retirement savings areas.