2013 Budget Proposal Includes Several Tax Reform Proposals

By Chris Bevington, CPA

President Barack Obama’s 256 page budget proposal for fiscal year 2013, released just Monday, includes several tax reform proposals ranging from the simplifying of the Internal Revenue Code; to the lowering of certain tax rates; to the elimination of the alternative minimum tax (AMT); to the potential repeal of LIFO as an acceptable accounting method for inventories, among others.  Click the attached link to this Journal of Accountancy article that further summarizes the President’s 2013 budget proposal, and several additional tax reform proposals.