Each February when the President releases his proposed Federal Budget for the following year, Treasury releases the General Explanations of the Administration's Revenue Proposals. Known as the aGreen Booka (or Greenbook), the document provides a concise explanation of each of the Administrationas Fiscal Year 2014 tax proposals for raising revenue for the Government. This annual document clearly recaps each proposed change, reviewing the provisions in the Current Law, outlining the Administration's Reasons for Change to the law, and explaining the Proposal for the new law. Ideal for anyone wanting a clear summary of the Administration's policies and proposed tax law changes. While many of the proposals included in the FY 2014 budget are either the same or modified versions of proposals included in the Administrationas FY 2013 budget, there are nearly 50 new revenue proposals in the 2014 budget, including closing loopholes and changing tax credits and incentives. Following are a few of the President's new revenue proposals that are explained in the Treasury FY2014 Green Book: Extending employment tax credits for hiring veterans; Requiring derivatives contracts to be marked to market and taxed as ordinary income on an annual basis; Repealing the domestic manufacturing deduction for oil and natural gas production; Establishing multiple incentives for investment in infrastructure, including aAmerica Fast Forwarda Bonds and increasing caps on other bonds; Taxing carried interest as ordinary income; Returning the estate tax to 2009 levels, modifying the recent estate tax exclusions and rates signed into law earlier this year under the American Taxpayer Relief Act; Prohibiting individuals from accumulating more than $3 million in tax-preferred retirement accounts; and Capping the benefit of certain deductions (such as a charitable contribution deduction) to 28 percent for taxpayers at or above the 33% marginal tax rate.For employees, employers are required to withhold income and Federal Insurance Contribution Act (FICA) taxes and to ... service recipients engaged in a trade or business and making payments totaling $600 or more in a calendar year to ananbsp;...
|Title||:||General Explanations of the Administration's Fiscal Year 2014 Revenue Proposals|
|Publisher||:||Government Printing Office - 2013-05-07|