FY 2017 budget: Initial document is released

FY 2017 budget: Initial document is released

The Office of Management and Budget this morning released an initial budget document for fiscal year (FY) 2017.

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This initial budget document [PDF 3 MB] provides the budget message of the president, information on the president’s priorities, and summary tables. This document contains certain high-level observations about the tax proposals, including:

  • Reform of taxation of capital income
  • A financial fee on large, highly leveraged financial institutions
  • Limitation of itemized deductions and tax preferences for certain “higher earner” individuals
  • Close tax loopholes including “carried interest”
  • Change the payroll tax rules for high-income individuals
  • Impose the “Buffet rule” 
  • An outline for business tax reform

Read more about the FY 2017 budget on the White House website. Treasury will release a more detailed description of the tax provisions in the FY 2017 budget (the “Green Book”) early this afternoon. 

Future releases will be provided as the full budget documents become available.

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