Obama Administration FY 2014 budget focuses on tax reform, deficit reduction, and new initiatives

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04/10/2013 by Washington national tax services (WNTS)
Obama Administration FY 2014 budget focuses on tax reform, deficit reduction, and new initiatives

At a glance

The President's budget asks Congress to "immediately begin the process of reforming the individual and business tax systems."

President Obama submitted to Congress a $3.77 trillion federal budget for Fiscal Year 2014. The budget separates the Administration's revenue proposals into three categories – tax reform, deficit reduction, and offsets for certain tax relief proposals and new programs.

The President's budget asks Congress to "immediately begin the process of reforming the individual and business tax systems."