Tax Reforms In The Fiscal Year 2015 Budget Proposal
The Fiscal Year 2015 Budget proposal is a critical step forward in order for us to improve vital taxpayer services and enforcement efforts. Funding the IRS a this level will be a good investment for the nation, helping taxpayers get the service they need and strengthening compliance efforts in key areas, including:
- Identity Theft
- Refund Fraud
- Offshore compliance.
Every dollar invested in IRS enforcement provides a strong return on investment in revenue collection, plus an added protection in deterring potential fraud. It also halts the decline in key enforcement personnel, and allows the agency to again invest in necessary basic infrastructure and training. In the meantime, we continue looking for more efficiencies to get the most out of every dollar of the budget.
The Fiscal Year 2015 Budget will put a stop to significant declines in taxpayer service over the past four years. We are doing everything we can to maximize our services with our current resources, and IRS employees are working hard to minimize delays and deliver as much service as possible. However, it’s clear we need to do more to help taxpayers, and the proposed seven percent increase for taxpayer services will be a big help.
The tax proposals in brief from the President’s Budget Proposal for Fiscal Year 2015:
- Pro-growth infrastructure – Lays out an ambitious, four-year $302 billion surface transportation re-authorization proposal paid for with transition revenue from pro-growth business tax reform.
- Tax cuts for working Americans – Doubles the maximum value of the childless worker EITC to build on the EITC’s success in encouraging people to enter the workforce and reducing poverty; improves tax benefits that help middle-class and working families pay for child care and college and save for retirement.
- Pro-growth tax reform – Curbs inefficient and unfair tax breaks that benefit the wealthiest, and ensures that everyone is paying their fair share
The proposed budget provides a road map for accelerating economic growth, expanding opportunity for all Americans, and ensuring fiscal responsibility. It invests in infrastructure, job training, preschool, and pro-work tax cuts, while reducing deficits through health, tax, and immigration reform. For more info on the FY2015 Budget proposal visit:
