RIVERWOODS, Ill., Sept. 22, 2011 /PRNewswire/ -- President Obama unveiled a $3 trillion federal budget Deficit Reduction Plan this week, including $1.5 trillion in tax increases. CCH has issued a new Tax Briefing that examines the plan and its potential impact on individuals and businesses. CCH, a Wolters Kluwer business is the leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).
The tax provisions play a leading role in the plan, and include a call for comprehensive tax reform, both for individuals and corporations, in which lower tax rates, the removal of inefficient and unfair tax breaks and reform of an overly complex Tax Code are general goals, but without specific proposals.
The President's plan calls for households earning $1 million or more per year to pay as high a share of income taxes as middle-income taxpayers, with specific proposals for those in the $200,000 income bracket and above. It also takes aim at tax loopholes and certain tax breaks largely benefitting top-tier income earners and large corporations. Plan proposals also include changes to Medicare and Medicaid.
"We could see significant changes to the Tax Code depending on which provisions lawmakers can agree upon," said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. "Short-term results could include ending Bush-era tax cuts for higher- income earners but preserving them for lower- and middle-income taxpayers after 2012, but removal of all tax loopholes and wholesale reform of the Code will take time for congressional debate and implementation by the IRS, should changes occur."
For More Information
To access the CCH Tax Briefing, please click here or visit CCHGroup.com/Legislation to access this and other CCH Special Briefings on significant tax developments.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is the leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
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