FY 2016 budget: Initial overview released by OMB

FY 2016 budget: Initial overview released by OMB

According to a “fact sheet” released by the White House this morning, the fiscal year (FY) 2016 budget, scheduled to be released later today by the administration, will include deficit reduction, infrastructure spending initiatives, and lower and middle-class tax breaks. These proposals would be paid for with individual and business tax measures.

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The White House has released the 150-page Budget of the United States Government, Fiscal Year 2016 [PDF 2.3 MB]

According to the fact sheet, the FY 2016 budget will include provisions that would:

  • Reform the taxation of foreign earnings of U.S. companies
  • Increase to 28% the top tax rate on capital gains and dividends
  • Eliminate the step-up in basis on death
  • Impose a fee on highly-leveraged financial institutions

More to come

This fact sheet is the start of today’s budget reports. The FY 2016 budget will be officially released later today, as will the Treasury Department’s “Green Book”—i.e., the technical explanation of the revenue (tax) provisions in the FY 2015 budget.

Future releases will be provided to you, as the full budget becomes available, by KPMG’s TaxNewsFlash.

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