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On February 1, 2010, the Obama administration released its fiscal year 2011 Budget proposal. The proposal includes many of the same provisions from the fiscal 2010 proposal and adding $100 billion in new job proposals and provisions designed to address the deficit, including new revenue offsets.
Some notable proposals, such as a proposal that would see excess returns associated with the transfer of intangibles to related controlled foreign affiliates subject to low effective tax rates taxed as subpart F income would have little bearing on the majority our clients, or would only apply in very unique situations.
Proposals that would appear to have more bearing on our clients would include:
Proposed Changes to Personal Income Tax Rates
Proposed changes to personal income tax and long term capital gain/qualified dividend rates.
Proposed Changes – Corporate & Other
There are no proposed adjustments to corporate income tax rates in the Obama Budget proposal however, there are a number of proposed changes to legislation that primarily affect large, more complex businesses.
Some of the notable proposals that impact entities other than individuals include:
If you have any questions please contact your local MNP tax advisor.
Related Topics:U.S. Tax; Government; Budget Announcements; United States
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