White House Budget Proposes Numerous Tax Changes as Congressional Tax-Writing Committees Focus on Reform

Skadden, Arps, Slate, Meagher & Flom LLP

Armando Gomez

On April 10, 2013, the White House released its proposed budget for fiscal year 2014. The budget contains significant tax proposals related to renewable energy, research and job creation, as well as numerous changes affecting corporate, partnership and international tax. It also contains numerous individual tax proposals, many of which are focused on increasing revenues raised from high-income earners. Many of the proposals are the same as or very similar to proposals made in previous White House budgets. But there are important differences from last year’s budget. Perhaps most significantly, the Administration has strengthened its rhetoric in favor of broader tax reform, just as the leaders of the congressional tax-writing committees have signaled a more concerted effort to pursue reform.

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