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Treasury Releases FY2011 Budget Greenbook


February 2, 2010 (SmartPros) As part of the administration's effort to restore prosperity and create an economy that works for all Americans, the U.S. Department of the Treasury today released the General Explanations of the Administration's Fiscal Year 2011 Revenue Proposals (Greenbook).



The administration’s FY2011 budget proposes tax cuts for job creation, small business, and middle-class families while promoting fiscal discipline.

"This set of tax reforms strikes a balance between targeted tax cuts to spur investments in job growth and innovation here at home, middle class tax relief to make our tax system more fair, measures to crack down on abuses that send jobs overseas, and long-term fiscal discipline," states Treasury Secretary Tim Geithner.
 
The Greenbook outlines the Administration's plan for short-term tax incentives to create jobs and encourage business investment, its proposals to deliver tax relief to middle class families and small businesses, and its blueprint for restoring fiscal discipline and responsibility to our tax code including: 
 
Key Administration Priorities in FY2011 Greenbook

Tax Cuts to Jumpstart Job Growth and Support the Economic Recovery

  • An Immediate Small Business Jobs and Wages Tax Cut in 2010
  • Tax Incentives for Small Businesses to Make Immediate Investments
  • Bonus Depreciation for Business Investment in 2010
  • Tax Credits for Investment in Advanced Energy Manufacturing Projects
  • Extending the Making Work Pay Tax Credit

Tax Cuts to Encourage Innovation, Investment and Sustained Economic Growth

  • Eliminating Capital Gains Taxes for Investments in Small Businesses
  • Making Permanent the Research and Experimentation Credit
  • Making Permanent the Successful Build America Bonds Program

Permanent Middle Class Tax Relief

  • $10,000 For a Four-Year College Education by Making Permanent the American Opportunity Tax Credit
  • Nearly Doubling the Tax Cut for Middle Class Families to Pay for Child Care Expenses
  • Increasing Matching Credits to Encourage Retirement Saving and Providing for Auto-IRAs

Reform, Responsibility and Fiscal Discipline

  • Financial Crisis Responsibility Fee to Recoup TARP Losses and Reduce Financial Risk
  • Reforming the International Tax System by Reducing Transfer Pricing Abuses, Tax Evasion, and Incentives to Shift Investment Overseas
  • Allowing the 2001 and 2003 Tax Cuts for Households Making more than $250,000 to Expire
  • Eliminating Inefficient Fossil Fuel Tax Subsidies and Closing Additional Loopholes to Make the Tax Code More Fair
Read full Treasury Department press release/summary here.
Access the Greenbook here (.pdf).

2010 SmartPros Ltd. All rights reserved.

Source: US Treasury

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