President’s FY 2017 Budget – Revenue Proposals
WASHINGTON, DC – The Senate Budget Committee today released its fifth in a series of analyses of the President’s FY 2017 Budget submission. The February 19, 2016, Budget Bulletin is focused on the Budget’s revenue proposals. The Budget Bulletin provides regular expert articles by Senate Budget Committee analysts on the issues before Congress relating to the budget, deficits, debt, and the economy.
Read the full Senate Budget Bulletin here.
Excerpts follow:
Overview of POTUS FY 17 Budget Revenues:
President Barack Obama’s 2017 budget plan includes $3.4 trillion in new tax increases; annual tax collections would increase by $2.3 trillion in 10 years. Receipts in 2017 would be 18.9 percent of gross domestic product (GDP) and increase to 20 percent by the end of the 10-year budget window. The increase in revenues includes approximately $1.26 trillion in additional individual income taxes, $936 billion in additional corporate income taxes, and $592 billion in additional excise taxes. It also includes an additional $75 million in social insurance and retirement receipts and an allocation for $420 billion in new revenues from immigration reform.
New proposals for 2017 include the phased-in per barrel oil fee, a community college partnership tax credit, changes to the excise tax on high-cost, employer-sponsored health care, rationalizing Net Investment Income and Self-Employment Contributions Act taxes, allowing unaffiliated employers to maintain a single multi-employer defined contribution plan, and improving disclosure for child-support enforcement.
Federal revenues are comprised of taxes and other collections from the public that result from the government’s sovereign powers to impose levies under Article I, Section 8, Clause I of the U.S. Constitution. Federal revenues include individual and corporate incomes taxes, social insurance taxes, excise taxes, estate and gift taxes, customs duties, and miscellaneous receipts.
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