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President Obama sent his final annual budget proposal for the 2017 fiscal year to Congress. The new proposals in the budget include dramatic changes to the world of tax. Obama's budget includes a raft of controversial tax proposals that have drawn criticism. The proposed changes include taxing capital gains at the same rates as ordinary income. Further, it includes implementing the "Buffet tax", a tax on high income earners. Although many of the proposals are unlikely to become law, the budget is a strong policy statement that may influence the tone and direction of the coming tax debate in the presidential election. The president's budget proposal seeks to raise nearly $3 trillion in tax revenue over the next 10 years.

The proposal also includes reforming the US international tax system, changes to the estate and gift tax, health care related updates and a $19 billion plan to bolster cyber security. For more details on the specifics of the budget proposal, click here to view the full article, or contact your local UHY LLP tax representative.

By Nancy Mosa