President's proposed budget is full of tax items

04/11/2013 | JournalofAccountancy.com

President Barack Obama's proposed FY 2014 budget contains a long list of proposed tax changes, aimed at achieving $580 billion in new revenue. The proposals include the "Buffett rule," designed to ensure high-income individuals pay at least a 30% tax rate, limitations on deductions and other tax preference items, and changes to the estate, gift, and generation-skipping transfer tax regime. As part of its overall tax reform thought leadership, the AICPA is examining the current civil penalty structure and will be offering proposals to Congress for improving both specific penalties as well as the overall approach to tax penalties.

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