Tax Expert Explains President Obama’s Proposed 2017 Budget
An article recently published on Maxmoneyzone.com, by tax preparation expert Frank Ellis, provides a look into the 2017 budget that President Obama has proposed. Numerous tax changes are included in this budget. Impacting taxpayers on individual and corporate levels, according to Ellis, the changes will impact business taxes the most, but include many that taxpayers across the nation may be affected by.
The author reveals proposed changes related to the Earned Income Tax Credit Table , such as increases for people without a qualifying child, and non-custodial parents. Proposed rules for secondary earners and married couples are noted as well. For example, couples with a gross adjusted income of more than $120,000 would not be eligible.
In addition, the President proposes to increase child and dependent care credits, and an expansion to the American opportunity tax credit. Pell Grants would become tax exempt, and the Community College Partnership Tax Credit would be open to local business supporting community colleges, and hiring local graduates. High income taxpayer reductions were also proposed, as were changes to capital gains
For corporations, a reduction of the corporate tax rate was proposed. President Obama proposed flat and minimum rates on foreign earnings. Also, estate tax changes, from an inheritance, were included in the proposals. The Cadillac Tax, affecting high cost employer-sponsored health coverage was also targeted, in efforts to protect employers living in states where medical coverage costs are higher.
Changes to taxes related to oil, tobacco, and clean energy were proposed too. These have yet to pass Congress and be approved, which can still be changed by the next president, prior to finalization.
The author finishes out by noting how TurboTax and H&R block offer tools for finding the right deductions and getting a large refund. Other online filing tools and benefits are noted, so useful details on these and the proposed tax changes for 2017 can be seen at http://maxmoneyzone.org/president-obamas-proposed-budget/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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