President's Budget Proposal for 2016 (Green Book)

On 2/2/15, President Obama released his federal budget proposals for fiscal year 2016. On that same day, the Treasury Dept. released the "General Explanations of the Administration's Fiscal Year 2016 Revenue Proposals," commonly known as the "Green Book." The nearly $4 trillion budget proposal is intended to strengthen the middle class and help working families by providing them with more generous tax breaks, such as a new tax credit to two-earner families, an increased child and dependent care tax credit, an expanded earned income tax credit, and an improved tax credit to improve college affordability. Additionally, the proposal includes provisions intended to scale back certain tax breaks for the wealthy, close certain corporate tax loopholes while broadening the tax base, lower the corporate tax rate, target companies that shift income and assets overseas to avoid taxes, and provide the IRS with the authority to regulate all paid tax return preparers. The Green Book can be viewed at www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2016.pdf