Another Tax Proposal which is dead on arrival came from the White House yesterday.
It was contained in the White House FY 2015 budget proposal. It includes tax increases targeting multinational corporations and high-income individuals. These tax increases are used to pay for lower- and middle-class tax relief, increased spending on transportation infrastructure, and deficit reduction.
This proposal and these priorities differ substantially from the Republican proposal released a week ago.
All the observers agree that the parties are not talking to each other and there is no prospect of any tax bill until after the mid-term elections, at a minimum.
Details on the proposal can be found here compliments of Deloitte.
But in my book, it is dead on arrival and I’m not going to spend my time getting into the details.