President Obama has submitted to Congress a $3.9 trillion federal budget for Fiscal Year 2015. Like last year’s budget, revenue proposals in the President’s FY 2015 budget are separated into three categories – business tax reform, deficit reduction, and offsets for certain tax relief proposals and new programs.
The Administration does not provide a detailed tax reform plan but instead again proposes to reserve revenue from certain revenue raising proposals for "long-run revenue neutral business tax reform." The budget features several new revenue-raising proposals along with other previously-proposed international and domestic business revenue raisers that could offset part of the cost of business tax reform. The Administration continues to call for a top corporate rate of 28 percent, with $150 billion in one-time revenue from tax reform to be used for infrastructure spending.
The President's budget calls for $651 billion in increased revenues from upper-income individuals for deficit reduction.
The budget calls for other revenue raising proposals to offset the cost of increased spending.