• President Obama’s Fiscal Year 2014 Revenue Proposals: Proposals Relating to Individuals, Retirement Plans, and Estate and Gift Taxation
  • April 16, 2013
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • On April 10, 2013, the Obama Administration (the “Administration”) released the General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals (commonly known as the “Green Book”). Although the Green Book does not include proposed statutory language, the Green Book contains significant detail about the fiscal year 2014 revenue proposals. Many of these proposals were made previously by the Administration but were not enacted into law. This memorandum discusses key aspects of the Green Book relating to (1) individual income taxation, (2) the taxation of qualified retirement plans, and (3) estate and gift taxation. We will be distributing separate memoranda addressing Green Book proposals relating to (1) corporate and partnership taxation and (2) international taxation, both of which may be obtained by following the instructions at the end of this memorandum.