Please ensure Javascript is enabled for purposes of website accessibility
October 2, 2023

Here Are the Tax Breaks That Obama Wants Cut to Pay for the Jobs Bill

If you’re in the $200k+ club, a hedge fund manager or corporate jet owner, you won’t be pleased. From Reuters:

— A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.

— A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.

— Eliminating certain oil and gas industry tax breaks that would raise $40 billion.

— A change in corporate jet depreciation rules that would raise $3 billion.

Right. Can’t forget the oil companies.

Obama seeks $467 billion in tax changes to fund jobs plan [Reuters]

If you’re in the $200k+ club, a hedge fund manager or corporate jet owner, you won’t be pleased. From Reuters:

— A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.

— A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.

— Eliminating certain oil and gas industry tax breaks that would raise $40 billion.

— A change in corporate jet depreciation rules that would raise $3 billion.

Right. Can’t forget the oil companies.

Obama seeks $467 billion in tax changes to fund jobs plan [Reuters]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Woman wearing a dunce cap writing I WILL NOT on a concrete wall

Look What PwC Made the Australian Government Have to Do

The Australian government released exposure draft legislation yesterday in response to “the PwC matter” and the funniest part is the special email they made to receive comments: [email protected]. Not ConsultingReponse or Sept23TaxReform, specifically PwCResponse. In four separate exposure drafts that amend the Taxation Administration Act 1953 (TAA) and/or the Tax Agent Services Act 2009 (TASA), […]

Internal Revenue Building Sign in Washington DC

The IRS Has Stopped Processing ERC Claims Because ERC Mills Are Scamming the F*ck Out of Them

The IRS announced today that it has issued an immediate moratorium on processing new employee retention credit claims at least through the end of the year. The agency cited “rising concerns about a flood of improper Employee Retention Credit claims,” driven by “aggressive promoters,” as the reason for closing the door on ERC claims. IRS: […]