The mere length of the President’s 2015 Federal budget suggests the document isn’t well-read (at least in its entirety) outside of the Beltway. Instead, only snippets from the 212 page proposal tend to generate widespread media attention while special interest groups are vocal with regard to suggested reforms pertinent to their membership.
As Washington grapples with the charge to reduce the deficit via a combination of higher revenues and reduced spending, the 2015 budget is of particular intrigue. For purposes of this blog, my intention is two-fold: address the President’s recommendations that are of interest to clients and address misunderstandings arising in mainstream media reporting.
It is reasonable to question the value of analyzing the budget proposals before they are debated in Congress, let alone signed into law. However I’ve repeatedly found the discovery and subsequent analysis of potential tax law changes offer meaningful opportunities for clients and a distinct competitive advantage for the firm. Identifying the areas of tax law under scrutiny and analyzing the proposals for new legislation is a valuable, if not necessary exercise for an advisor committed to offering pro-active tax strategies.
While specific, actionable advice will be reserved for current clients, the following points of emphasis in the President’s budget deserve further attention and will be addressed in subsequent posts:
1. A proposed cap on retirement plan contribution
2. Estate tax reform
3. Inherited IRA distribution reform
4. Continued discussions concerning the so-called “Buffet Rule”
For those who are interested, the full text of the budget is available at http://www.whitehouse.gov/omb/overview.
Discussion
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